Yes, the seal along the bottom bow of the hood should be in contact with the clamshell as that directs water to the drains near the doors (by the hood pivots). Sometimes the weatherstripping does come out of the channel, but if you tuck it back in there firmly it should stay put.
The short tension cables shouldn't affect the contact in regards to the seal. However, from my experience the cables will likely fray and need replacing at some point. They do help with overall hood tension when it's up, so I would check for any fraying near the ends.
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-Chris
2004 Porsche Boxster 2.7 (gone  )
2004 Porsche 911 C4S Cab
1991 Porsche 911 C2 Targa 3.6
2017 Subaru Outback 3.6R
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