Guess this is where I lost you - What does the splash shields have to do with "outer inner fender's black was painted after body color"?
Not sure (without check pictures) if Dearborn always (or meant to always) spray the splash shields with some sound deadener. They didn't often at San Jose. Not all- some IMHO
Use to think the same thing till we got allot of additional examples
Now back on thread
OK, mine is a 66 San Jose car, but it clearly has something sprayed on the inside of the fender, the splash shield (p/ns C4ZB-16A562,3 & C4ZB-16B568,9 plus appropriate weatherstrips), headlight bucket and the outer side of the fender apron. It overlapped to the fender on all four splash shields. You can see overspray on the outer bumper arm as well. This is a "before" picture when I was replacing the front suspension.
Jim
Jeff, It appears that your picture is of a 66, based on the disc lockwasher shown on the three 5/16-18 bolts.