Figuring out how much glue is enough and how much is too much is just something that will come with experience. Once you determine how much is just enough, your issues with glue splooging out will go away. You really don't need all that much... Just a thin, even bead should suffice... "even" being the key word.
Loctite Ultra Control Gel is the best I've used. I've used fletchtite's formulations and personally I think they suck. The glue itself is ok, but the container it comes in is absolute shit.
Here's a tip: Once you've fletched your arrows and they're all removed from the jig and setting up, place a dot of glue on the front tip of the vane where it contacts the arrow shaft, and another at the back end of the vane. This will keep your vanes from peeling back should you fire an arrow all the way through a target.