Raising4Daughters:
Gluing
As someone who is currently reusing sheets of homasote from 3 layouts ago, I would say that you should screw it to the plywood (and benchwork) rather than gluing it. If you ever move or change your mind about your layout, you can unscrew it and reuse it on the next layout you build. If you're young and you're on your 3rd layout, odds are there'll be a fourth.
If there's a difference in the noise abatement characteristics of one fastening method over another, I'm not aware of it. Glue, however, is definitely permanent. Deck screws can be backed out.
Cutting
If you try to do it with a box cutter, you'll have forearms like Popeye in no time. That leaves a jigsaw.
If you do cut homasote indoors, use a jigsaw with a plywood or even a metal-cutting blade (i.e., many teeth per inch) and have a friend or a spouse aim the business end of a shop vac at the blade as you go along. I am seriously considering carrying mine outside to do the cutting. It's a godawful mess.
Sealing
Our homasote was sealed with latex paint, in the same green color as the base of a 145 Gateman. That was appropriate for our first layout. For the one we are building now, grass will be on top, so no sealing will be done of the homasote itself. I haven't observed any problems with a few sheets of unpainted homasote that I purchased 11 years ago and that I will finally be deploying soon.
Daughters
When it comes to raising 4 daughters, my screen name could be Raised 4Daughters. If yours are young, beware of age 15. I can explain why at York if there's beer involved. Cooter Brown's solution is not out of the question...
HTH.
Steven J. Serenska