That's just panel gap sealant, to prevent dirt and water from entering the gaps between the panels and causing rust. It's not meant to look good. All cars use it, it's just a bit tidier in its application these days.Stuey:
That's really what I meant. Aside from the panel gaps, which admittedly was pretty standard in those days for volume cars, I've noticed that funny 'hard chewing gum' stuff around the body wherever there may have been a gap. It's not filler, nor is it soft. Weird. Like a bodge, but definitely factory. For those that know 12's. look in the corners of the front suspension tower brace and you'll know what I mean.
Dave