Can't help on what is correct but maybe Flackmaster or one of the prewar guys will see your question and can answer. If not, here are some photos from the archive showing what others have done on their 38-40 cars. Steele has what he calls a peel and stick hood to cowl piece in his Universal Seals and Parts peel and stick extrusions category as well as several other different peel and stick shapes. Also has a large selection of general shape cement on extrusions.
If the holes are large enough there is a selection of stem bumpers also listed in the Universal Parts section. Perhaps one would fit the holes and be in a shape to stop the flutter but still be easily removable. A few of those could help until the proper solution is determined.
In their PDF catalog which you can download, Restoration Specialties has several sizes of the old style woven fabric hood lace and anti squeak or cushion pieces. Those are sold by the foot. They have one called a channel lace that looks similar to what is on some of the mid 30s cars.
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