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The value of electrolytics in old radios is rarely all that critical, and the difference between 47uf and 50uf or 4.7uf and 5uf, is small enough to be inconsequential. It's well within the tolerances of the original cap. But there's nothing wrong with moving up a step, if you really want to... a 5.6uf instead of a 4.7, etc.
And yeah, increasing the capacitance can sometimes improve sound quality, depending on how the caps are used in the circuit. But you have to remember: you're working a clock radio... it's nowhere near hi-fi to begin with. Any improvements you make to the circuitry probably won't even be audible due to the limited frequency range of the little speaker in it.
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