My cord thing has a white powder stuff on it too. What I can find on the internet is...it is a lead tube and it just has condensation type stuff on it. It is not damaged. You can take a Q-Tip and rub it off. I have not done that yet to mine.
I wonder where you can get new decals. I know you can because the ones that have been repainted have new decals on them. Your mom must of loved to oil her up..LOL
Does he/she have a name yet?