Hi Ed,
Welcome to the forum.
Those caps certainly look questionable but it appears that they're on the power supply board so a channel imbalance is less likely than some in the signal path but still not out of the question. They will however need to be replaced sooner or latter but don't count on that fixing your current issue.
It would help if you could give us an idea of the general condition of the machine and maybe some history if you know any.
I'd start with the usual suspects such as head wear, a speck of crap on the head or guide(s). Sometimes it's tough to see something that's resulting in spacing losses on the left channel since it's hard to see that side of the head (outermost). It might be worth your while to remove the headblock so you can really get a good look with a strong light and a magnifier.
Another check you should do is to record a test tone from your cd on the Otari and try playing it back on another machine. If that sounds okay than the problem is probably on the playback side of things. When you're recording the test tone, be sure and monitor with the Otari set to both "source" and "tape".
You've probably already read posts regarding the 1/2 track-1/4 track switch. That's a very common problem. Try listening to a tape while switching back and forth. If that switch is the issue, you should be able to hear the levels balance every now and then.
Regarding the test tape, you can obtain them at MRL Labs in San Jose Ca. Here's the link;
http://home.comcast.net/~mrltapes/You should follow the instructions for your machine in the owners/service manual. MRL also has tons of info regarding the use of their tapes and everything related to magnetic tape.
I suggest that you don't try and calibrate a machine that may have other issues. Until you rule out other issues, trying to align a machine that's otherwise out of whack will only make things worse and could ruin the tapes you play on it (including the test tapes which aren't cheap and are useless when damaged).
If you haven't already, check out the "Beginner's Guide" to find out more regarding heads etc.