Looks to me like someone was repairing a waterleak.
Reason I say this is........take a look at our '81.
Notice there is NO extra sealer anywhere.
Here's some options:
First clean all that white stuff (crap) out of there.
Then you can run a thin bead of Windshield Urethane around the perimeter of the
glass. ( see
RED arrow ) Just enough to make a seal between the glass and frame (NEATLY).
You can use a plastic table knife to spread the urethane.
Allow the urethane to dry completely before reinstalling the moldings.
(You do not want to "glue" the moldings on.)
Since you have done a fabulous job on restoring your car I would take this
approach if there is any chance of a waterleak.
Remove the glass and completely clean the windshield frame and glass.
Reinstall the glass..........BUT.....not with the original
Butal Tape kits.
Instead use the modern
High Viscosity Urethane. Prime the Frame and
glass with Windshield Pinchweld Primer and lay a bead of urethane the size
of your index finger and install the glass. When the urethane is completely
cured (24hrs) the windshield will be a structural part of the bird cage.
(Provided everything is done properly)
JUST A NOTE: If you were to install a windshield in a modern car with passenger side air bag
with the old BUTAL TAPE kits.... when that air bag deployed it would blow the glass right out
of the car. In fact .... even though the driver bag does not touch the glass it probably
creates enough cabin pressure upon deployment to blow the glass out as well.