Frame welting or anti-squeek can be applied to the frame/fenders in a few different ways for sure.
For those of you looking for the correct way, at least how the specific material was cut and curried, here is something I researched out a few years ago through the data at the Ford Archives,
http://www.plucks329s.org/pdf/studie...EAKARTICLE.pdf
The Asphaltum Treatment of Ford’s Anti-Squeak material that I mentioned in the article could have been "thinned down"...it was just a little bit to thick in my opinion.
Pluck