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Rounded edge faces down to match the inner contour of the cowl recess. As I recall, on the 40 Ford the cowl vent "pressure" or tightness on the gasket can be adjusted to compress the gasket. Don't over squeeze it. Is this true of your 39?
Adjustment: I have adjusted my cowl vent pressure so that when you push the cowl vent handle forward to close the vent, the vent lid just touches the gasket and then when you push the cowl vent handle just a little more the lid applies a small amount of downward pressure on the gasket to seal it. You don't want to "squish the gasket".
I always leave the cowl vent lid in the "just touching the gasket" position as I don't want to continuously have downward pressure on the gasket when it's not raining. Continuous pressure will cause the gasket to take a set as it's exposed to so much heat.
Also, my DRAKE gasket was installed in 1988 and was originally about 5/16 in. thick. I have adjusted the pressure so that it compresses just a hair more when vent is fully closed as shown in the last photo.
Rub the gasket surface with Armoral every 6 months to keep it pliable.
I guess I got carried away with such a long reply but, I hope it helps.