Don't just replace C117 only, all other electrolytic capacitors will probably be in the same condition, so you'll only do the board cleaning job once.
Regarding washing the pcb, the ipa alone may not be enough, you should do a pre-wash with de-mineralized water.
If you need an explanation of how the power supply section of the instrument works, you can find it
here in a video by Ian Johnston, in the big brother k2002 repair tread.