Where is the leak? If it's in a "nice" it's possible to use weldon #16 (thick stuff) and force it into a crack/around a seam. If it's a crack in the acrylic I might try to patch it with another piece of acrylic on the inside. If it's a seam low in the tank... don't know if I'd risk that... hell who am I kidding... *I* would risk it, although that doesn't mean it's advisable.
But if there's no need for strength (ie baffles in a sump, sides to a tank) then by all means it's ok to use silicone, I had a couple small leaks from some bad acrylic work (the acrylic itself was warped) in a prop tank, and I just ran a bead of silicone around the whole thing. Has been going strong for years, but it is NOT a strength bond, simply a sealing bond.