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Do you think this is to provide an AC out put even though it has +& - shown on the output terminals?
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Yes, because it connects via sliprings.
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Have you any thoughts on why they might be cast iron slip rings & not brass
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Iron and steel were amongst the various materials used for sliprings and I think they still are, on turbo-alternator rotor field circuits for example. They have the advantage of high inherent hardness and abrasion resistance where electrical conditions allow their use.
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the wires from F and L to the coils have come off
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Are the two coils still connected together or is the lead linking the two also detached? If so, see if you can identify it, otherwise you will have to test the relative polarity of the two coils with a compass (so that their magnetic fields add, rather than cancel).
If the two coils are still linked and only the leads to the terminal box are detached, then the effect of reversing them will be to reverse the rotation and possibly slightly alter / degrade the performance of the machine. Do you know which direction it had previously been running? If so, then all you need to do is reconnect the field leads so that it runs the same way. If not, we can can probably still tell from various clues (comm appearance, brush wear pattern, dirt patterns etc.) unless you've already erased them.