[COLOR="Navy"Water travels the path of least resistance. I would remove the old molding and puddy. Inspect for water damage and rot, let air dry if necessary, and fill holes before reapplying new puddy tape. It might be best to replace with a new awning strip that is smooth and clean for inserting an awning. Placing drip/gutter molding above the awning strip would be advantageous.
For a superior quality DIY roof coating, I highly recommend EPDM.
EPDM Coatings - Liquid EPDM Rubber Roof Coatings For Roof Leaks
If you plan on selling the coach, a cheaper water base roof coating is available at your local box hardware store.[/COLOR]