AD-PICKUP...for what its worth dept.
While some panels may have had "welting" on the rear fenders my 52 panel did not have a "beaded" welting. The rears had a piece of material that highly resembles #15 or #30 lb roofing felt. I am positive mine were original and the strip of "paper" was laying on the lip of the fender that fits up and under the body and had no bead on it.
Don't know about the front as the PO had taken the fenders off but I seem to remember seeing front fenders with a "beaded" welt years ago but not sure it was original.
I'll lean to what Tim says. He's the man with books.
So, when everyone is talking welting does it mean just paper or welting with a bead?
Gosh, we've beat this to death at least a dozen times. It just want die!!