I think the orange crystals are just a residue of the rosin based flux used when the instrument connections were soldered during manufacture.
It is non-corrosive and I would leave it alone. (The speck on the panel probably slashed when the tags were soldered.)
I think that the component between the wires is R12, the reference for resistance ranges (100ohm 0.1% wirewound).
The resistor would have bare leads which have been sleeved and it is the sleeving which has degraded, not any corrosion. Common enough in old kit.
As there appears not to be any danger of a short even if the insulation completely fails, I would be tempted to leave it alone as changing it could lead to more problems
If you do decide you want to change the sleeving take care not to stress the resistor either mechanically or thermally.
One other thing, the TF2700 uses germanium transistors, these are easily damaged by excess heat when soldering.
If you ever have to resolder them keep the leads long, use a thermal shunt on the lead being soldered and make the joint quickly.
If you have three hands a small pair of pliers will work as a thermal shunt.
Good luck with the it, I've had one for many years, it's a handy little device once you get used to using it.
Jim
Just seen Ed posted while I was typing, good that we agree!