That is a transformer. It steps down incoming voltage to all the various voltages the pin uses. You can mask off the wires and winding (the brown paper is between the windings FYI). Scrub the rust off the shell and hit it with some black spray paint. Others have mentioned to use High temp bbq paint but it does not get all that hot. Tumble the mounting blacks and polish those back up. Almost every restore thread has a action for cleaning these up if anything is unclear.