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If it's headstamped LC 43, then yes, it's most definitely corrosive. Why did they repack it? Who knows; could be any of a dozen reasons. The only one of your pics that I can make anything out of, is the one of the bandoleer.
 

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To paraphrase Obi Wan Kenobi,
Paragon, Now that's a name I have not heard in a long time, a long time.
I bought a Winchester M1 Garand receiver from them in the early 90's when I had my FFL, I paid 45$ for it with a burned out SF barrel screwed on it. It had a little rust pitting below the wood line, you really had to read there news letters closely, it was real paper mailed to you. I still have both of them the barrel is going to be bored out for a .22lr liner for a M1 conversion I am going to do some day. The receiver is a Hybrid M1/BM59 tanker now.

eQ
Paragon, and their 'floor sweepings' ammo sales? I remember them.
 
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