i don't think thread locker will work the same as thread sealant, otherwise they wouldn't sell 2 different kinds if they were the same. unless it's just a conspiracy.
Yeah there are a lot of good products, jet lube is my fav industiral one, but it is pricey and harder to find....the local pneumatics supply store should have a variety of compunds that will work, but no teflon tape.
if using thread sealer for air, any with teflon in it should be ok, just check the temp rating. if using thread sealer for gas or brake lines make sure it is rated for use with those fluids......