Thats actually pretty good and practical... say you would want to mount an aixiz module to a heatsink, you could effectively just drill a 13 mm hole through it and fill the gap with the stuff. I doubt it would be mechanically stable, but interesting none the less.
Uhm, yes, this can work, but in these cases i try to keep the gaps as low as possible ..... as i've said, tthis glue is a good heat conductor, but is not like metal ..... i use it for place, as example, aixiz modules in pen hosts or heatsinks, but always try to keep the hole the more close possible to the 12mm diameter of the aixiz module ..... in this sense, yes, the thing works better than bare set screw, cause with a set screw, the module is "pushed" against a wall (better thermal conductive point of the assembly), but at the same time, pushed away from the side where the set screw is (lefting a gap, also if thin) ..... in this sense, it improve the thermal coupling, filling all the space around the module. (also, in this way, when i fill also the inside of the aixiz module around the driver, the driver itself become heatsinked ..... the only disadvantage, in this, is that you cannot disassemble it, or better said, disassembling it for recover the aixiz module when the diode dies, you also destroy the driver, normally)
And, yes, glueing a 12mm module inside a 12,1 / 12,2 mm hole for all the lenght, it give you also a decent mechanical stability, cause also if that glue don't become hard like dual components epoxy, is still glue ..... it remain a little elastic, but still do a damn good keeping force, and is more hard of common silicone ..... i glued a side of a green module on the flat surface of an heatsink, cause i was needing it on-the-fly for a long test ..... at the end, i was unable to take it away with only fingers, had to place a screwdriver blade under it and make lever, for detach it, and was not easy the same ..... so, mechanically, yes, you can use a 13mm hole for fit a 12mm module without too much problems, probably, you only need to wait 24 or 48 hours for left all the glue set hard .....