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What is wrong with this sterbai and what treatment should I use?

I was going to say ich but this almost looks like a parasite just with the heavy concentration of clumping together, with a secondary case of fin rot.

Any treatment suggestions? I have paraguard on hand.

Paraguard should work well for parasites, but could be harmful to your beneficial bacteria I have heard. So I'd use it and do your WC to suck up any parasites that fall off, might be best to treat the whole tank to be safe. Hope this helps.

How about a dip for just that one cory?

If it parasites then your whole tank may be infected. By treating the whole tank your preventing this from happening to the others in an ongoing process.

Thanks!