This is a sort of magic elixir kind of grease, silicone based clear gel, doesn't dry out and doesn't conduct electricity, does conduct heat and is very heat resistant. The electronics industry uses it to paste heat sinks onto hot power transistors and computer processor chips that generate lots of heat (commonly called heat sink lube). For automotive use it is commonly used to pack electrical connectors, to exclude moisture. You can use it to pack the HT towers of a distributor cap, ignition coil, and spark plug connectors. For the MGA perhaps the best use is to pack the barrels of snap connectors in the wiring harness to exclude moisture and corrosion, keeping the headlights and tail lights working. Those are among the most notorious criminals from "Lucas, Prince of Darkness".