The "packing material", no.
the overstuffed grease? Yes.
petrified? Yes.
TA cups were back in that period not machined very well, or I should say ground.
they appeared only machined.
why I went from that to a Phil Wood BB in 1973.
then, different bike, a 1972 full Campagnolo LeJeune in 1974.
still have that bike. In fact just finished rebuilding the bottom bracket. This one will soon need a second refinish.
I went powdercoat in 1993, I need now to reference how to remove that coating.
"aircraft" paint stripper is no longer a California sold product, methylene chloride... the element that works and is not "Prop 65" safe.