Is this flyback dead?

[maxm]

I've been working on finally getting my 1949 Hallicrafters 601 TV back to life. I've actually had the TV for over a year, but it is in bad shape, the chassis being home to a family of rodents at one time.
Well, I got the chassis as clean as it is going to get, and am starting to probe into the electronics.
The scarriest part is that the flyback looks pertty bad.
As you can see in the photo a lot of the insulation has flaked off, and there are many exposed windings.
Is this OK, or something that's going to blow up in my face when I power the set up (with a variac of course)



Thanks for any help...