Water Leak in Cowling??

The early Mustangs have the same cowl rust issue around the "top hat". If you find it's rusted you could try this fix, at least you can install them from inside the car and don't need to cut the cowl open. Might be worth a try for $20?
http://www.mustangsunlimited.com/it...oling&subCategory=Cowl+Covers&CatKey=EMUSTANG