I could see a fairly deep dent and got the DA out and sanded down to it. Found a WHOLE lot more dents and plenty of filler. As I was chasing the grey filler out, I came across something white and at first assumed it was a different filler. After I wiped dust off, I could see it better and it's the original White stripes. The filler was spread right over the old paint and leveled from there. This was quite typical of repairs in the later 70's, when these cars weren't worth much. The repair person didn't bother to even attempt to pull the dents up, just slathered filler in them and moved on...
Once I realized the old stripes were under all the other paint, the straight lines of chipped/peeled paint made more sense, as it was the stripes.