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Right on with the posted response. Replace all the tubular capacitors and electrolytics if they haven't been done recently.
In order to get a decent bass response back in those days manufacturers would sometimes use some rather light-gauge magnet wire for OPT primaries, meaning frequent failure of same.
It's a single-ended output stage by the looks of things, and probably not too critical. While some output transformers may provide better performance in that application than others, just about any OPT cadged from a garden-variety receiver should do the trick in getting that old radio to play.
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