Those are rubber spacers that have disintegrated to the point that they look like they might have once been sealant.
Notice that the holes in the cover are really loose? They put those rubber bushings on there to hold it close to the right location while you fine tune the alignment.
Darth Fiero had a good post
here about aligning the rear cover to the crank.
It is also important with this engine to know that there are 2 kind of seal. They originally came with a traditional rubber lip seal and then later changed to a Teflon seal that installs "backwards".