That "tar like substance" had a very high lead content. If you get the idea you'd like to melt that stuff w/ a torch it's best done outside. The old school method when you ran into a slow leak was to mix a couple handfuls of dirt in the tank and swirl it around hoping the dirt would seal the leak. It almost never did.
Better yet, replace the bottom slate and silicone the whole shooting match. If you decide to go that route I recommend not getting too OCD about it. The material that's been in there for 50 years is now very hard and if you start removing it you'll be at it for a long time. I'd just cut the sealant from the inside, replace the bottom pane and silicone the interior. Once that's done a dremel tool or a battery powered drill and some abrasive polish will get that stainless back up and looking good again. They sell a kit of three different cutting polishes at Home Depot.