I generally use "tite seal light" on tapered pipe threads and teflon tape on pitot static pipe threads.

Do not use teflon tape on fluid fittings, do not use any sealing compound on flared fittings.
 
Been using Permatex #2 Form-A-Gasket on all pipe threads for many, many years.

I do use teflon tape on pitot/static fittings into the back of instruments.
But like Walt says, NEVER on fluid fittings.