Transformer, recap, and power-switch cleaning got'er done.
http://www.youtube.com/watch?v=xnQtFgdZsm4
It's been sort of a "catch-22" radio -- I didn't want to put too much effort into the cabinet until I knew it would play, and I didn't want to work too hard getting it playing until I knew the cabinet would restore. The cabinet had some horrific scratches on the top surfaces, I was able to sand and varnish very well. I still need to do the sides and down low, and I'll probably put a fresh coat of black on the inside too. The green columns are photo-finish, not real woodgrain. There's one scratch that's significant -- might be a real pain to get "right". And I have them too shiney right now -- the clear varnish I put on top looks right, but I think the columns ought to be satin or matte.
Then I suppose I'll want to detail the chassis -- repaint the transformer bell, polish the steel chassis, etc.
Gadget, yes this one had all cloth wiring -- except the 2 dial-lamp wires which were rubber. The wires crumbled into confetti first time I touched them. I would hate to see an entire radio that way.
Thanks all for the transformer advice and the orange-drop recap urging. It's turning out really well.