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Yes, on a second look, it does look like tape over the hole.  Looked like just a hole first thing this morning.  Maybe they taped it to keep the sealant from squeezing out during application.  On to another matter regarding this Vert I haven't seen any pics of vin numbers on the back of the block unless I missed it.  Looking forward to learning more about this car.

I own 1109 GT 350 built 2/11/69.  No extra holes like the one in your picture, just the smaller rectangular holes for the fender/hood bumpers. And no sealer, caulk or whatever it is under the fenders as shown in your pic. 

This car is also listed in the Hemmings ads under 1970 Ford Mustang GT 500. Better pictures of the car there.

In the Minneapolis Craigslist;  69 Mustang AM radio  C9ZA-18806.  Looks pretty good in the picture and described as working.  Listing # 7681155666.  Tried to create a link in this reply but could not.

Brandosaac, just sent my contact info to you in a PM.  Thanks.

Thanks all for the great advice.  The original transmission was sold in the 80s during the restoration of the GT 350.  Thankfully my car still has the original engine that was nicely rebuilt and the restoration was well done.  I live in North Dakota so its in storage right now, can't wait for spring.

Thanks for the great advice.  I appreciate it. I have had the good fortune to connect with the owner (he had the car for 26 years) who restored the GT 350 in the mid 80s and installed the DN trans.  He said the same thing to me; keep the DN trans and find an original trans to have with the car.  I think its unanimous.

Thank you Coralsnake.  I have been on your site several times learning about my 69.  Fantastic site and information.  Thank you.  Was it the wide ratio that made it unpopular, or just not a commonly ordered transmission?

I have a 69 GT 350 that I purchased last summer.  I've had a few Mustangs over the years but this is my first Shelby and I am still finding my way.  It originally came with a four speed wide ratio transmission data plate code 5.  During the restoration of the car in the mid 80s a 5 speed Doug Nash transmission was installed.  Its great fun to drive and I enjoy the 5 speed but am considering finding an original transmission and putting the car back to the way it came.  My questions;  I have read that the wide ratio trans was not a popular transmission, why was that?  And any advice on where to start looking for that transmission?  Thanks.

Thanks for the info guys, I appreciate it.

Picked up my first Shelby this summer, 69 GT 350. 481109.  An older restoration but well done.  The quarter panel sail emblem was left off.  In starting my research I have seen 69-70 GTs with and without the emblem.  What is correct for my car?