Upon removing and refinishing the wiper arms and transmission linkage, I noticed that the sealant in the cowl area has some cracks in it. And I do get some water seeping in during torrential rains in this area.

[QUOTE=Sarge81]Upon removing and refinishing the wiper arms and transmission linkage, I noticed that the sealant in the cowl area has some cracks in it. And I do get some water seeping in during torrential rains in this area. [/QUOTE] Wow at first glance.....I thought you were talking about cow sealer. OK you can use seam sealer for this. They make a hard setting type, and also a pliable type. You can buy it in a caulking tube or a can that you can brush it on. Eastwood sells it as do body supply shops. 

Or you can use regular asphalt...that's what the factory used...with a mop!
That's why that area always looks the way it does...like someone used a mop to slosh that stuff in there...

Liquid Buytal windsheild sealer will also work very well.

I used 3M automotive undercoat.  No leaks since.

i was wondering about this area myself, thanks for the suggestions.

I have seen a few restored '82s that had nothing but painted metal there. I wonder how they stop the leaks, but they probably never drive in the rain.