I would really suggest that you replace the servo wire, it's pretty cheap and easy to do. Also, you have got to replace that molex/tamiya battery connector, those will heat up and melt with good batteries and high draw motors.

Actually, once I've got the configuration of the car all done and have driving it a few times to make sure it all works well, I shorten as many of the wires as I can to make it look cleaner.