Your console is a very good find, and it should work well once restored; however, do you intend to keep the 78-RPM changer (to maintain the console's authenticity) or to eventually replace it with a modern 3- or 4-speed one? I'm curious since, while 33-RPM records have made a comeback of sorts, 78-RPM records are obsolete and probably very difficult to find today. I would suggest adding a CD player as well, but a modification like that would destroy the authenticity of this unit in no time flat. I'm sure you probably want to keep this as original as possible.
Good luck. Consoles like this one deserve to be restored, as they were built like tanks and had excellent audio systems. With a modern record changer and cartridge, yours should sound great. RCA did not cut corners on this one.
BTW, was or is there an aftermarket modification available for the AM/SW radio in this unit to allow the use of an FM tuner as well? Since your set was made in the late '40s, when FM radio (on the modern 88-108 MHz band) was starting to become popular in this country, I would think RCA would have provided an input on the radio chassis for such a tuner. A position on the function switch marked "FM" or similar wording would confirm this.