Thanks tautech. Those are very helpful.
Reading those over I've concluded since the batteries are Nickel Cadmium which I believe is an alkaline I need to neutralize the corrosion with an acid. My plan is to use an exacto knife and scrape off as much corrosive build up as I can. Then apply vinegar using a cue tip to the corrosive areas; let sit for a period then wash off using distilled water and cue tip. I am a little worried about some of the components that some corrosion (resistors, etc.). I'm thinking I will do pretty much the same with them as the contacts, etc. (ie put vinegar on them and wash off with distilled water)... the only difference is I will be only lightly rub them with a tooth brush so as not to damage. After I do all that I will let sit for a couple days to dry.
Seems like a solid plan. Any input before I proceed?