Art,
The caulking on our hood also began to fail on our E30+, but one of the screws holding the hood in place would not budge. So rather than breaking/cracking the hood or causing similar damage, I was able to dig the old caulking out with a pocket knife, cleaned the area with acetone, and resealed it with white Sikaflex 291. That has worked well, and saved having to remove the traveller, risk damage through removal and saved time as well. It might work for you.
Frank