every mustang more than a few months old I've seen had this starting to varying degrees...a couple guys insisted the roughh edge was just seam sealer till a couple months later as it started appearing elsewhere and spreading. I bought a fang hood/shaker months ago, but 'life happened' again, and havent had time to screw with it...so still driving with about a 50cent piece sized silver spot on the hood(the blistered part blew off)

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Confidence: that feeling you have just before you realize the mess you've gotten yourself into...
http://www.fordmuscle.com/forums/galaxie-pages/490496-saving-65-galaxie-loooong-story.html