The ASCII DEL (aka RUB OUT) would be equivalent (bit wise at least) to
Baudot LTRS. That is, all bits are set. So, to correct a mistyped
character on a tape, you mechanically back it up one space, punch LTRS
or DEL, as appropriate, then type the correct character.
The blank key, IIRC, might do a control function such as motor start.
ASCII has an equivalent all zeros character, NULL.
Gary