That pattern certainly looks "woody", but that's probably a coincidence, and it's old foam/steel blades that you have. It's what all 1989 boats had, and the even older 1970s wooden foils had a darker mahogany colour. Take and post more pictures of it (of the chips, and the handle/stopper area) so we can be sure.
Yeah, the yellowy brown stuff is polyurethane foam. It's supported by an internal steel frame, which with time tends to make itself visible in the form of those tiny rust specks. My old blades suffer from the same, but I haven't done much to them ever since I got new ones. If I can get myself to fix those this spring/summer, I'll let the forum know about the experience...
Repair with epoxy filler, sanding, spraybox filler, sanding again, spraybox paint. Waxing polish. Now I have the same boatspeed as new boats. Did the same with the rudder.
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