Here is how it works.
The PIC does all the heavy lifting, the triacs and display are just outputs - either can fail without directly affecting the other... The inputs all go to the pic - DMX and buttons.
If the display being flakey bothers you, then yes, you will need to swap out the cap. Eventually it will fail completely. Some have indicated that pushing the cap all the way down against the board can damage it and have recommended putting something like a toothpick under it while soldering it to the board, then removing the toothpick.
For the actual dimmer circuits, the pic output goes through the led to an led internal to the opto-isolator. The "opto" provides isolation between the low voltage control current and the high voltage output - internally it actually uses an led and an optical sensor so that there is no electrical connection between the low and high voltage sides. The output of the opto goes through the 180 ohm resistor and fires the triac. Since you already have the triac out, I would definitely replace it - that will most likely fix your channel 2 problem, but if not and the led works, that would only leave the opto and the resistor.
Good luck,
RM