Yes - micro farads.
Was a common but poor practice to use MFD refer to micro Farads instead of the more common "u" or "µ".
This occasionally throws in confusion as an upper case M is often used as Meg.
And sometimes you will see mfd as micro farad... even though m is often used for milli.

The 5V is a bit low but not too far off.
R7 and R8 are 1% resistors that set your output voltage.
To get 5V - these resistors should be R7 = 2.15K, R8 = 4.99K.

Vout = (Vref)(4.99K / (2.15K + 4.99K)) = (7.15)(0.698) = 4.99V
You can bump the voltage by setting R8 a bit higher. For example - a 5.99K (non-standard value) would result in 5.26V.
I would think 5.11K (standard 1%) would be good as it would set power at about 5.03V.

But -- to see why yours is so low:
Is transistor Q5 original or has it been replaced? If replaced - what is new part number and manufacturer?
What voltage do you measure at pins 5 and 6 of the regulator?
What values do you have installed at R7 and R8? And do they test good?

Your 2N6057 is an original. These are pretty tough - don't mess with him yet.

7.15 is the typical reference voltage for these but 723 regulators are pretty sloppy with their reference range and can range from 6.8 to 7.5.
You set the desired voltage at pin 5. The regulator monitors pin 4 and raises the output until pins 4 and 5 match each other (in theory).

Using your values: Vout = (7.07)(4770 / (2136 + 4770)) = 4.88V. You see 4.92 so that works out pretty close.
Your R8 is too low at 4770, lowest should be 4940 ohms. If you measured in circuit, this can mess with measurements.
But, yes - you can go up in resistance. 5.23K is the nearest standard value for a 1% resistor.
With your existing regulator and value of R7 then you should get:
Vout = (7.07)(5230 / (2136 + 5230)) = 5.02V
And note that the reference voltage can vary with room temperature as well as having a rather ingenious built in frustration detector.

And - good that you replaced C7 and C8 as Ken mentioned. If you didn't replace them now and they were originals - you would have probably been replacing them in the near future. Replacing them now gives you a stable operating voltage for the 723 regulator.

If you can find a close carbon film or metal film resistor then no problem. Avoid really old carbon composition resistors here.