This bass didn't get wet - it sat in its case too long. The pattern of the damage is a classic symptom of off-gassing damage from the original cellulose nitrate pickguard. The upper frets, the truss rod nut, the strings right over the PG, the severely corroded screws, the damaged pickup, and the control plate where it meets the pickguard. This has been well documented. Also, several early examples of the Tele Bass had the lollipop tuners as well. Nice restoration - nice results! I'd would have liked to see what was used to clean up the metal parts....
I would have purchased it from the guy in its original state and fixed it up for myself. I also would add the tug bar. The original 2 screw holes appear in the early part of the video. This was an excellent video for documenting the before-after conditions.
Beautiful piece and all complete. Not the end of the world. Great call on maintaining it all original. Like you say; this poor thing got exposed to quite a bit of water. It will definitely need a refret to be in tip top playing shape.
Telecaster Bass Rescue
Guitar C.P.R.
18,634 views
This video covers the repair of a late 60's Telecaster Bass that had sadly fallen on some very hard times.