Dan,
I know this might seem odd, but Frost King's Mortite rope caulk is what I have used. It is light gray in color and does not get hard. It can be painted over. When these cars were made they did not have all the complex synthetic sealers we have today. The under coating and the seam sealer on the fire wall was basically a tar compound like our modern roofing patch. If you ever see an original you can see how the paint cracks and even gets stained from the black sealer. The rope caulk was the closest thing I found for the seams you are referring to. There was also a glob of it around the spring perches on quater elliptical cars. There are modern automotive products that would work as well or better, but if you want to duplicate the original, you have to step back in time and use products that would have been around back then. I use roofing cement for the inner rear wheel wells. The Austin Healey Club judges always thought it was still the original. I prefer to use the 3M products where I can because they are more durable and hold paint better.