Hi Kelley - Great advice, this car used to spend time outdoors, but no longer. These drains are part of the hood, so that any water collected in the SS hood ornaments drain away from the ornaments within channels of the hood structure and forward of the engine. The small rubber drains are at the end of the channels and drop the water forward of the engine (although I never really tested to see exactly where the water falls. Part 3903974 on L48 B2 of the AIM, if you're interested.
I've installed the insulation and reinstalled the hood light. That was painful. In case anyone reads this in the future, there is definitely a trick to setting the clips. Once you find the hole for the clip tooth (the holes in the hood are close but not always exactly matching the insulation - Ricks repro is very nice), press the entire edge of the clip at positions within the circular edge of the clip setting an indentation for the entire circle. Then press the clip in the center to set the tooth. Before I learned this, the clips would pop out on me.
I just need to decide if I need to make holes for the drain tubes. Sadly I'm not sure how I will find them, I will need some help.
Thanks - Andy