Is this a Federal Pacific electrical panel, and should I replace it?
It's not a Federal Panel. It is a Trumble Panel built in the 1940's bought buy GE. Some say that's the reason GE breakers start with a T (TED THQ etc.)

Should you replace it? Yes, its a 1940's panel, but beware there could be a whole lot of things wrong with your service than just that panel. For example do you have a main fuse or breaker ahead of your panel? How is it grounded? ETC.