If the "meter panel" is functioning correctly, leave it alone. The important thing is that the points of connection be in good condition. The appearance of the non-connecting part of the bars is not especially important. The exterior of the box can be cleaned with wire brush and painted with a good primer for metal, then finished with your choice of paints.

Bus Driver,
My meter panel also contains the several breakers for my barn. Occassionally I've had to to wire brush the bus bar blades to get a breaker to make contact. Some of the "blades" are almost at a knife edge. I think the previous owner might have used 1/2 size breakers of a type not approved for this panel. The poor contact could have caused some arcing which damaged the blades. Whatever the cause I think it's only a matter of time before I can't get one or more of the breakers to function.

Rick

It does sound as if replacement is required. When I install breakers, I use a product called ConductoLube on the contact points where the breaker installs on the bars. No one has ever accepted my suggestion to do this, so I will not elaborate further.

To cut the PVC Conduit without damaging the wires, try the following. Put a piece of metallic conduit or pipe over the wires and slide into the PVC conduit. One size smaller conduit normally works. Then cut with a hacksaw. May be difficult if in a tight spot.