Well, the capacitors are bad. Pretty much a given for a radio of that age. Replacing them will make it MUCH less likely to let the smoke out... The transformers and field coil speaker are about the hardest parts to replace, and they are at risk until that is done. I would also add a fuse.
Larry Bordanaro makes replacement buttons, I think - a web search will find him. The service bulletin is on my Philco page:
http://www.audiophool.cjb.net/Philco.html