Maybe not ascii - division rations for notes perhaps?
No, you're way over-thinking it. There's not enough logic for anything like that. Most of the ICs are 7400, 7404, 74121, 7410, things like that. Two Fairchild 3341, which are a 64 x 4 bit FIFO. Ha ha... what I guessed they'd be. A 74157 next to each one, in line with those ferrite cores. I bet they are multiplexing in the new data into the current position in the FIFOs, when a key is pressed.
What's on that other PCB (display?) and the one that the thumbwheels are connected to?
The thumbwheels are just a two digit adjustable resistor. Only two wires to that block. Likely used to set the main FIFO clock frequency, via a simple oscillator.
The display PCB has two 74192 counters, two 7447 binary to 7-seg decoders, a 7400 and a 74121.
God I hated circuits that used monostables everywhere.
Hey, the LED just below the digital display is an orange LED. The power LED is green. Quite newly available back then.