is though without hooking up a guage/manifold set to it and check out what is going on. High pressure switch? Expansion valve? Thermal switch (some old compressors have one on the side)
The black foamy bits are just the foam that is used to seal the ducts and flaps in the vent system. As it ages is gets brittle and crumbles.
I recommend wearing eye protection when running the blower on high.