I concur with Excavatoree, don't change anything that isn't broke. You're lucky!
This unit has a very interesting look, it looks like military salvage, but spent a lot of time either in a hot ambient weather, and or humid or it was in a boat.
I wouldn't paint the unit either, but you can pretty up the housing with rust remover and sealant [Home Depot stuff] , and just air blow interiors. Although some connectors and joints look awful externally, its very likely the electrical connections are still pristine underneath.
To be sure nothing needs to be repaired, you need to performance test it; to run it at 40V at 5A and test its specs. It will run hot, and if something is off, it may blow. If nothing blows, you are good to go.