Bill.. As long as the underside shot you gave is a direct flip N-S of the board (as it seems it is) then preliminary observation looks correct. The cap is in parallel with the two wires, and the resistor is in series on the upper wire.
Loosen the screw flanges and stickk your wire in there, tighten 'em down and you are good to go. If you want to MAKE SURE they don't get wet, get yourself some 2-part epoxy mix, and mix according to directions. Avoid bubbles in the mixture once you are done, and then simply spoon it over the entire board, anywhere air would touch the components. (of course repair would be harded, as you would have to excavate the board of the epoxy, but this is the preferred method of PCB repair on single layer boards.
I won't begin to critique the solder joints themselves, though.
Ray
MMCLSR NavSea certified
(Miniature/Microminiature Component Level Soldering and Repair)
