What is the best method for short-term repair of composite wood siding?
First I would determine how old the siding is.  If made in the last 20 years it's probably covered by manufacturer warranty and replacing it with vinyl would be a step backwards.

Also lap siding isn't supposed to seal on the bottom.  It's supposed to allow any moisture or condensation that happens to get under the boards to drain downwards.  So you should not try to seal the bottom edge of the boards, at least not with anything that is impermeable to moisture.

If the house's sheathing isn't wrapped in something like Tyvek then significant gaps at the bottom of lap boards could give an opening for pests.  If you're having pest problems you might just address those.