I suppose you could do just the sides if you wanted to.
A seal's integrity is based not on the thickness of the seal, but on it's bond to the glass. If you overseal, unless you double the width of the seal (which will be ugly), you will have a smaller contact surface with the glass.
Furthermore, a tank's strength is based on the seal. In order for proper strength to be acheived, a solid adhesion must take place right at the corners. If you just overseal and leave a weak seal underneath, you'll be left with a tank that will hold water, but may come apart on you.