Wow, that's a GTE installation. I thought that it was, but the close-up confirmed it. Must be west of LA, huh?
I'd keep it. It can't be that damp or that terminal would have been corroded years ago. Just pick out the first two pairs of each station cable and punch them down in vertical succession. Insulate and store the remaining pairs for future use. At the other end of the tie cable, you'll have all of your station pair assignments come out in order on the new block that you install.
Oh and don't listen to MooreTel, he's quoting you Canadian (old Northern Telecom) part numbers. He doesn't understand 66 blocks. That is a Reliable R66A1-50-MH.
