The set has "plug in" transistors, poor connections there could be the problem... might need to deoxit the sockets.
The "Wavemagnet" antenna plugs in through a 7 pin socket, which may also need cleaning.
Yes, the bandswitch is likely in need of cleaning.
If you are tempted to align (assuming a proper signal generator) DO NOT!!! use a metal tipped screwdriver... get some proper nylon tools for alignment, if you don't already have them.
73,
jr
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