The bubbled coating has to go.
Usually it is not necessary to replace the soldermask, acrylic paint or nail polish will serve if you want to protect the area.

ALL the electrolyte definitely has to go and the board must be cleaned really well.
This stuff will keep on eating traces due to electrolytic corrosion.
Make sure to get it out from under components and inside via holes.
It has been known to eat inner layer traces in multi-layer boards.

The most likely spot for a broken trace is where traces connect to pads. The soldermask has to have a slightly oversize window for the pad (due to tolerances), leaving a short piece of trace exposed. This corrodes away first, on the most negative voltage rails due to electrochemistry.
It is not easy to spot the breaks, magnification is recommended.

Ideally the board should be washed (water and detergent) and well rinsed with de-ionised or distilled water, then dried.

ST