Rescued this #5 the other day, looks like it had been stuck for at least a year. Not really worried about the sling or anything else, but there is a decent amount of (surface?) rust on the metal connecting the lobes to the body of the cam.
If you want peace of mind you could send it in and get it reslung. They will clean it up and make sure its in working order. I've sent rusty looking rock bootie with faded slings in before and they come back looking like new. Cheaper than purchasing a brand new cam.