The problem is a small chip happened, and water got in and started rusting.
The white is apparently the galvanization on the metal surface rusting off.
My red Cougar did the same thing:
Note the hood under the mark 8 LCA; is that the white stuff you're talking about?
(As it eats the paint off, I sand and repaint it so it won't rust any further; that's all been painted now. I'm going to get it professionally painted, if I don't coat it with carbon fiber)
I'd fix it, then paint the entire hood with new clearcoat.
Heck, if you can, coat the entire car in clearcoat; it's all starting to come off of my cars.
They will need paint soon.
Whatever paint you use needs to be compatible with the factory paint; otherwise, it will remove the rest of the factory paint over time.
I painted my Red Cougars hood with a popular paint matching color; it was not the same color, and it pulled the other paint off over the last few years.
Plastidip noes not hurt stock paint that I can tell.
Red '96 Cougar XR-7 240k mi. '02 4R70W, PST DS : '03 PI engine, 04 maf, 24lb injectors, 2.5" exhaust, '02 4r70w + Jmod, DirtyD0g TC + cooler + 3/8" lines, 255 walbro fp. Alpine system.
Black '96 Cougar XR-7 (Lazarus) 210k mi PI Intake, '02 4R70W, Jmod, PST DS, GrogTune, Konis, Mark LCA+Poly, racecougar Custom Engine Chain, and JL and racecougar Bracing.
Black '97 Tbird Limited Edition, '02 4R70W, 255 walbro, PST DS, PBR Brakes&SS lines, Toicko Blues & Springs, GrogTune.
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Last edited by Grog6; 01-09-2016 at 01:20 PM.