Oh. I think I discovered the real reason this coaxial illuminator was only $90, which was cheap even with missing accessories:
The main stereo-path doublets are disintegrating. That 'sand' in the lens is the optical cement bonding the lenses together breaking down.
The good news is I have spares, and the spares appear to be fine. I suppose I could also disassemble and re-cement them, though I don't trust myself to do an Olympus-level alignment job.