New construction here. I need some kind of sealant between a one piece
fiberglass tub/shower unit and the drywall edge.
I left a 1/4" gap all the way around to hold the sealant. Would GE
Silicone II be a good choice for this application?

Any Kitchen/bath caulking will work

After sealing, I plan to use a self adhesive Fibatape from the drywall,
over the sealant, and to the fiberglass.
Is this typically how this is transistion is done for a drywall alcove?

My 'helper' always covers this transition strip with a continuous line of
matching 'tile' all around the fixture.. from the TILE (VS FJP or MDF), 2-3"
bullnose BASEBOARD, up around and back down to the other side.

http://www.diychatroom.com/f5/tile-v...aseboard-8911/