82 Drip rail question

[Ehodg66]

My drivers side drip rail is a bit loose, not redirecting the water and I see 2 issues:

1. There is a "gasket" like material between the molding retainer and the body that is worn.
2. The screw holes in the body seem a little wallowed out and aren't tightening down.

What gasket or caulk like material can I use between the molding retainer and the body. Also, I guess I'll have to go up to the next screw size, any suggestions on that or other recommendations?

I've attached a pic from LMC for reference

thank you in advance
E