Yes but I have not had an issue in over 5 years. Plus the area is covered by the heat shield. I drive my car year around and I live in the North East (Philly area) where the DOT uses salt and all kinds of other crap on the roads in the Winter. The last time I took the heat shield down to check it still looked new. (All clean and dry)
I have the Craven Short throw shifter and I love it. It is nice havin the option to adjust it. I can be sure that everything is in its place and comfortable for going around the twistys.