The voltage limiter for the Rally gauge cluster in my 68 Barracuda is inside of the fuel gauge.
If the voltage limiter stuck and sent a full 12v to the gauges, those gauges are now fried. With the exception of the amp meter gauge. If the needle on that one is moving around the car has an electrical short, disconnect the battery till you figure that out or the damage may multiply.
The component that you circled is a condenser, used to take static out of the circuit that may be audible on an AM radio frequency.
There is an aftermarket digital voltage limiter, I installed one on my car. Will look for a link and post it.
