Charlie-
You can have stereo out of that TV! Of course the obvious way is to buy a cheep stereo VCR and hide it inside, but if you want to do something really cool, take one of those extra multiplex units and modify for TV. You need to retune the coils for something around 15 kHz (I forget the exact frequency) instead of the 19 kHz used by FM. I used a Dyna FM3 for this purpose many years ago when stereo VCRs were more than $600. The coils can not be tuned that far by themselves, and you will need to add parallel capacitors across the windings.
The other thing you will have to do is to remove de-emphasis capacitor on sound output detector in tv audio which filters out the required 15 kHz stereo pilot signal. Good Luck!

Dave