Noticed the insulation on the throttle cable is flaking off and peeling away. Any issue with it being exposed, should I re-wrap it with something? Looks like a replacement cable is pretty hard to find if at all.

 

Shrink wrap

 

Cover it with Split Loom.

That is rare, have never seen it before. Does the car have a vented hood?

 

Nope all stock but lived it's life in Florida and was in storage for about 2 years until recently. Hard to say when it started happening just noticed it as I start to go through the car.

 

this. cover it in heat shrink, preferably adhesive lined.