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The selenium rectifier is indeed of concern, and its switching out can result in much improved performance from the radio. But the rectifier can be excluded without its physical removal. The leads from it go to an existing terminal strip under the chassis, where the leads can be removed, and a diode can be readily installed in the same place without the addition of an extra terminal strip. I just did this to one of my Zenith sets. Use care in observing polarity, unless extreme excitement is your bag.
The isolation transformer as advised is also a prudent step. A lot of those old radios have the on-off switch on the return or neutral side going to the chassis. This means that if the plug is installed one way in the outlet the chassis will bite you when the radio is on--plug it in the other way and the chassis will bite you when it's turned off. It's a no-win situation that existed before the polarized plug prong design. My older sisters used to listen to a Zenith that was missing its knobs. They'd either stand on a pillow before touching the shafts, or they'd use a playing card stuck in the slot of the splined shafts to make changes.
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