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Hi SecretPlayer;
What you have there is an Early Version of the Philco Model 18H Highboy. I have the Model 118 which is pretty much the same chassis, but is a tombstone (table top) model. I wouldn't consider changing the speaker. If it's damaged have it repaired or reconed. I would also not consider doing anything to/with the cabinet unless it has some real serious issues that are not evident in your pictures. I think it looks pretty darned good for a 74 year old radio.
I tend to be a purist and would rather have a radio that is not in "perfect" condition but is authentic and original. There are always those cases where you can't maintain a strickly original unit, and the electronic elements (capacitors, etc.) must be replaced with modern equivalents for safety if the set is to be used on a regular basis.
Overall it looks like you've got a beautiful set that is quite well preserved and if it belonged to me I'd do a complete electronic restoration, but as for the rest of it.....I'd keep it exactly as it is now.
Good luck with it.
Bob.
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