As mentioned before, follow what it says on the pot for how many turns of loctite 55 you need. You should start at the end of the pipe, going clockwise following the threads, but you don't have to follow them perfectly.
Then use jointing compound over the top of the loctite. There are different types of jointing compound for what the pipe is carrying (gas, potable water, heating water etc).
Any screwed joint over 1" (28mm) will be difficult to do up, so use a chain vise and a set of stillsons (pipe wrench).
It is possible to overtighten things, and brass fittings can split when steel is screwed in with too much force.
As for lubricant, use the correct stuff (cutting oil), you can get it in an aerosol spray. Too much smoke = not enough oil, as the pipe is getting too hot. We tend to spray ours the whole time the thread is being cut.