YES, it is time to change them! I recommend Mojotone's Dijon caps for this application, but you can use any capacitor you please. It looks in the picture, like you've got a .047uF cap on one side, can you make out the other cap value?
.047 seems a bit high IMO. I don't typically go more than a .015 or .022 on a tone switch, because there is no tone pot to dial the cap back. It sounds like that .047 ain't doing much of anything right now!
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