I found the following using google from a 1985 article. The trick
seems to be to melt it:
"To make sidetone adjustable, remove R4 (R5 in European
networks) and replace it with R11 (for European networks use
R12). The Western Electric Network comes point-to-point wired
and sealed in a can; the other networks are mounted on PCBs. To
remove R4 from the Western Electric network, the can has to be
opened by bending the holding tabs. Don't be surprised to find
that the network has been potted in a very sticky, odious paste
that has the texture of hot chewing gum and the odor of unwashed
shirts. (This material - alleged to be manufactured according to
a secret formula - will not wash off with soap and water. The
phone company has a solvent for it, but because one of the secret
ingredients is said to be beeswax, ordinary beeswax solvents such
as gum turpentine, mineral turpentine (paint thinner or white
spirit) and kerosene will work.) To remove the bulk of the
potting compound, heat the opened can for 30 minutes in a 300
degree F (148 degree C) oven, or apply heat from a hot hairdryer
or heatgun. You can also put the can out in the hot sun under a
sheet of glass. Don't use too much heat because the plastic
terminal strip may melt. Even with a film of compound remaining
on it, the network can be worked on."
http://www.machacking.net/kb/files/phonepatches.txt
Hmm, I've made similarly sticky stuff using beeswax and lanolin and a
bit of varnish.
Old-timey potting compounds are nasty.
--Chuck