Looks like you've got surface corrosion of the copper (brass, actually) across the nickel plating; e.g. nickel plate had holes & allowed the copper to corrode.
Also looks superficial.
Disclaimers: Although I am an engineer, the opinion that I am providing is strictly that of an amateur, & not my professional opinion, yada yada...
I would not soak in a chemical. I probably would use a toothbrush or a scouring pad.
Since the corrosion looks superficial, I'd probably not be greatly concerned--as long as the regulator passed functional testing.
p.s. (edit added): Brass (copper, bronze, etc.) corrosion is generally regarded as protective, e.g. forms a layer which is impervious. This is strictly speaking not true (not like, say, aluminum oxide film over aluminum, or chrome oxide, etc.) But the copper oxides are more impervious than iron oxides. Once the electrically conductive medium is removed (e.g. salt water), the corrosion generally stops--not like iron, where once rusts forms, it will continue to rust away in air...