318 LA engine timing cover/oil pan gasket questions

Apply a modest amount of RTV, not excessive amounts. Too much RTV acts like a lube and the gaskets can move. On the side rail gaskets, just use a skim coat.

You use the nubs to pull the gasket in place before installing. Once inserted into the holes, you DO need to pull them through all the way, so that the little conical part is pulled through and on the underside of the pan flange. A pair of pliers and a steady pull with a circular wiggling motion will get them pulled through. You can cut them off or leave them as you desire after the installation.

Paint? I have no opinion!