These sets and their brothers are great players and represent a vast improvement over sets of just a year or two before. Think of 1922 when broadcast radio took off and most folks were listening with earphones on crystal sets or one-tubers that their boys had made. Then along came sets with horn speakers (low volume and tinny) and then a few years later exposed cone speakers (not much better) and then finally sets like this with the Kellogg designed moving-coil speakers that had all kinds of volume and solid bass response. They sold like hot cakes. All that progress in seven years.
There is a lot documented on line on the restoration of these sets. Most of the work would be in the power supply area. The first thing to check would be is the power transformer OK. Often the power resistors have open sections, but they can be replaced section by section with wire wound individual resistors. The big paper caps (no electrolytics) can be cut loose and replaced under the chassis either with electrolytics or preferably with modern plastic insulated caps, which are available in the same sizes as the old papers. I would search the web and look for posts on restoring this family of radios. Here's one to start with, The RE-45 which is basically the same electronics as the R32 with the addition of a record player.
http://www.radiolaguy.com/Showcase/C...CA%20RE-45.htm