You probably want a new gas leak detector. The wire was probably cut because the detector was giving EOL beeps.
In the " Everything you want to know" section that Bill referred to, you will find the TM manual. That should answer some of your questions really well.
As long as the shells lift easily, you don't need to worry about the rust. If they need adjustment, you may need to spray some penetrant on the large 1-1/8" adjustment bolts, raise the shells, exercise them out (count the turns) apply some antiseize, then turn them back.
In one of my threads I have a description of how to adjust torsion bars.
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