Did it successfully last weekend.
Replacement capacitor: 35V - 470 mF - $1.30 at Radio Shack (the original one is 16V - 470mF), but
huge thanks to Bobterry99for writing me to help, and advising that the higher voltage capacitor would work as well.
It took all 5 minutes to take out the cluster. I used the instructions from here
http://v12uberalles.com/instrument_cluster_removal.htm This is
very easy, no need for special tools, just a phillips screwdriver to unscrew the vent screws and then I pushed it out with my hand, and disconnected the wires from it.
In the back of the instrument cluster unscrewed the 3 screws on the outside rims of the black back cluster cover, opened the unit (without disconnecting the wide band of wires), unscrewed 5-6 screws on the back side of the black back piece (which held it to the printed circuit board) , then took out the old and resoldered a new capacitor in place. Took me 10 minutes.
The whole thing took 20 minutes and cost $1.30.
I saved $1,300 of a new instrument cluster at the stealership.
Huge thanks to Bobterry99 and folks at v12uberalles.com