Ha, now there's a coincidence, I also have a 340B (one of my favourite receivers, along with my 400) that had similar problems.
Aluminum does not play well with most other metals when it comes to ground points between dissimilar metals. The oxide layer on the aluminum is not great for conductivity even with fresh metal.
My thoughts on your MC60;
I wouldn't do any cosmetic work, other than a good cleaning and applying some form of preservative to stop further degradation. But, that's just me. I appreciate survivors.
Solvol Autosol or Nevr-Dull are particularly well-suited products. Work great on chrome and aluminum, and leave behind a protective coating. Be careful around the lettering. I've been using these on vintage motorcycles and my own Mac's and Dynaco's for a very long time. Wonderful stuff!
As for the electronics, I would do nothing less than a complete restoration/resurrection. Whatever perceived magic the original parts may have provided, like Elvis, left the building long ago. These are phenomenally good sounding and reliable units, and are keepers. Frankly, from a sonic perspective, there is nothing left worth saving, other than the transformers. I have been looking for a pair of MC60's for many decades, and have yet to find anything affordable that wasn't totally trashed. I may be a bit jealous....