You should be aware that auto parts stores here is the US sell goop to stop brake squeal. It's a silicone product, to withstand the heat, that you are to put behind the brake pad to change the vibration frequency, hopefully outside of audible range. Different manufacturers have different color product. The one on my shelf is blue that I used in conjunction with the proper silicone grease. I suspect your PO was trying to quiet the brakes and was directed to this product by the parts counterman.
No, it wasn't a cure for mine. But, I think it did limit the audible projection to only a one block radius and stopped the countywide alerts of emergency vehicles to the aural distress that it caused.
My worst PO story, I recently posted elsewhere. The bike was a cafe'd "looking" Cb550K. It looked cafe'd. But, actually getting to the next cafe was done with prayer and lottsa luck.
He put short low bars on the bike, but not matching cables. Turn the bars left and the clutch disengaged as the cable was pulled taught. Right turns caused the cable to bind and whatever clutch position was there before turning, stayed until the bars were returned to straight.
Every bump or irregularity in the road surface caused a loud banging from the rear suspension. He had "upgraded" to Koni shocks, possibly manufactured before the bike was first sold. The shock internal seals were hardened and the oil was long gone. It took a force of about 200 lbs to move the pistons in each shock. The springs were so stiff that even with a 250 person on the bike, the shocks were 1/8 inch from end of travel. Any bumps would dislodge the piston and then bang as they reached full extention.
He had put pod filters on the bike and removed the inner plastic splash guard only (steel fenders still in place). Guess where the water splashed from errant irrigation street spray puddles? Yup, right on the carb pod foam.
It was also the only cafe conversion I've ever seen with a King/Queen seat installed. Held it's shape well though as the foam was hard as a rock and only slighty softer and more comfortable than the bare frame steel.
The shifter seal gave me the most headache on that bike. Both, the case and the shifter shaft had hammer and chisel marks where the seal change had been miserablly botched. I had to smooth and fill the shaft chisel grooves with JB weld so the THIRD new lip seal would do it's job, as well as permatex the outer seal seat.
That's all I can think of right now. It had been nicely painted dark blue.
Cheers,