After a year and a half, the silicone coat I’d applied to the M2’s nozzle had pretty much worn away, so I peeled off the remnants, buffed up the brass, and mushed on another coat:

The coverage isn’t even, particularly in the direction I can neither see nor reach with the hot end still in the printer, but it’s way less hassle than recalibrating the Z=0 position. The very thin layer over the brass around the nozzle will vanish immediately on the skirt surrounding the first part.
I should definitely recoat the nozzle more often, because PETG doesn’t stick to silicone nearly as well as it does to brass: a nice new coat makes the PETG burned-snot problem Just Go Away.