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I would agree with the above poster except for one area. In a lot of the sets built in the 1950s, fuses were not present. In these sets, I would leave the tube rectifier in place. As solid state diodes tend to fail shorted, they would actually be less safe in an older set unless a fuse is added. All it takes for a solid state diode to fail is a power surge from a nearby lightning strike, I have seen it happen.
In this case, the older device (5U4) is the safer.
I do agree that replacing the Selenium rectifiers is in order. When I replace these, I add both series power resistors to bring the B+ in line and a fuse. Not original, but safe.
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