Emerson model 25 restoration

[dieseljeep]

We'll have to revue the schematic.
That is not the speaker output transformer the the newer blue caps are going to. That is the choke. This set uses a high impedance magnetic speaker, that doesn't need an output transformer.
The one mity cap is probably the cathode bypass cap for the 38 output tube.
The only schematic I find is for a model 25A, which has a floating B- line. As you noted, all the caps are going to chassis ground.
You have to do more investigation, regarding whats under the friction tape.