I just tried it on my 87 505 and it did seem to make the oxidized areas a bit less noticeable. I mixed black and grey to get a decent match on my dark grey (I think its called winchester) car. On your car Adam it will be really important to get the color to match when you're filling in the cracks, try in small areas first!!
BTW, the stuff is very messy, much more difficult to get off than normal underhood black goo. Next time I'll try rubber gloves.
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