After studying the photo a little more, it looks like there are some other problems here as well.

The rotting romex is definitely a problem. (110-11).

The way the romex flies through the air to feed the water heater is not kosher, even though I know this is commonly done. I would bet that the pressure switch on the well pump is fed in the same manner.

It appears that the time clock on the far right is fed with a piece of SO cord from the 4S box.

I really hope that the "Danger-High Voltage" sign is not serving as the cover for the relay cabinet, but I can't really tell from the picture.

There are working space violations too, specifically the water heater is blocking access to the contactor cabinet and it's too close to the panel, and the water pipe is a clear violation of 110-26(f).

'66, you said is "was" white pipe, and from reading your post, it sounds like you're cleaning up some of this mess. I can't wait to see the "after" pictures. [Linked Image]

Peter