Please see the attached picture. My '67 coupe appeared untouched in this area, and had a large amount of seam sealer sealing this area (and the drains) closed. Why did Ford use sealer at the bottom of this pocket? There are factory drain holes punched into the area, which you can see in the picture, and I would think that Ford meant for this area to drain whenever water collected on top of the framerail. I know a lot of cars tend to rust in this area, because the area gets clogged up with debris and moisture.
I wanted to make sure Ford sealed this area originally. Some of the original sealer came loose when I was vaccuming out the loose dirt, and I'd like to redo the seam sealer if it needs to be there.