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In the sixties here on the east coast three strand oakum or...cotton sealed more often than not with boatlife in tube seam compound ....it was messy low paid work that actually required skill and one or two good teachers a long the way...Had to "feel" how much to twist the cotton and set it just enough with the caulking iron.....forgive me but red lead was old school then far outclassed by Boatlife Early Sikaflex or several other varieties...
If your cotton or oakum is all stringing out very likely it was not applied well or sealed properly afterwards....best to get someone experienced there to evaluate and guide the work.
Good luck
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