All machines this age likely have capacitors that are failing.
However, the problem with the +12V unregulated isn't going to be a problem at 14v, it's going to be a problem at 10.5V (according to the Cyclone book), where a low voltage here will cause board resets.
PinballManiac40's suggestion about recapping and rebuilding connectors is a good one for the eventual life of this machine.
Is it 'dire'?
If I were looking at this machine in the customer's house I would probably wait until I had a problem.
I'd keep in mind that while the game is 32(!) years old, the capacitors are not likely to last another 32 years. Capacitor failure will happen. Connectors will get crunchy and fail... eventually.
If this were in my home?
I would probably replace the capacitors and connectors just so that I wouldn't have an expected failure pending within the next decade in my home. Once you've got the board out and on your bench and you have the parts available it doesn't take much time to deal with capacitors and connectors.