Thank you all for the replies. On my 1984 Morgan I definitely habe the bitumen coated material mentioned.
The body caulking strips look good - but I guess the Sikaflex/rubber options is a little cheaper and Sikaflex easier to use on the bulkhead to frame connection.
Sikaflex has many different variants - I looked for "Sikaflex mastic" and believe that Sikaflex 221 and 291 are the right product to use for metal to wood. I will order Sikaflex 221.
Special thanks to Tim H. - For the next post I hopefully get the images included correctly

Regards
Tim