Odd to have a leak in the hull-deck joint. Unless you have previous damage to the rail, it seems unlikely. You sure it’s the joint? There’s a deck scupper there and the stanchion gate support legs commonly leak. Leaks are notoriously difficult to isolate. Water gets in behind things and appears in the oddest places, giving one the impression that the intrusion is nowhere near where it actually is.
Many years ago, I remember reading that the expected life of 3M 5200 was about 40 years. After reading that, I’ve been concerned about a joint failure but so far no such problem. Our boats are reaching that limit. I looked at the current specs for the product and find no published limit. Repairing the deck joint would be a nightmare job. I’m hoping that there is no age limit.
Assuming that you are right and there is a joint leak, you could remove the Genoa track and cut out a section of the cap rail. I had to replace a short section of mine many years ago due to damage. I got a piece of 3/4″ teak and used the cutout as a template.
I can’t advise on how to best repair the leak however since I’ve never had to deal with it. My guess is that you should grind the seam and glass it over. If it’s really leaking due to 3M 5200 failure, it’s only a matter of time before the whole thing leaks and needs the same repair. Please let us know what you find.