Here are some restoration notes that you may find helpful:
http://antiqueradio.org/RCACTC-7ColorTelevision.htm
My CTC-7 is a Pensbury, the same model as yours. As you can read in that article, I replaced the electrolytics, along with bumblebee and "maroon drop" mylar caps on the PC boards. That gave me a very nice picture. At that stage, it seemed stable and reliable (knock on wood), so I haven't messed with anything else.
So, I would start with a basic recap and then step back and see how it performs. Do voltage checks at that point to satisfy yourself that you can play it without one hand trembling on the power cord in case smoke billows out the back. If the colors look natural to your eye, I would not mess with color adjustments other than operating the user controls in front. If the TV already has good convergence, etc., you may be better off leaving that stuff alone, at least for now.
Just my $0.02.
Phil Nelson
Phil's Old Radios
http://antiqueradio.org/index.html