As previously mentioned it wasn't used. Actually if you want to avoid rust and decay, please avoid welting. It prevents the area from draining well and harboring moisture and dirt is not a good thing. I would not use strip caulking either. I would just make certain the area where the fenders mount is painted well. Paint will help to keep them safe for a long time.

As for rubber bumpers, there were rubber bumpers on the underside of the hood (where the hood contacts the front panel and also along the sides. As I recall, there were either 8 or 10 of them used. Those should be replaced. Good luck!

~ Jon
1952 1/2 ton with 1959 235 | T5 with 3.07 rear end