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I would advise you to at least replace all the electrolytic caps, probably the wax and paper ones too, and then the power cord just to make it "safe" to operate. There isn't much to the old sets w/ am and shortwave. It's cheap insurance and REALLY easy if you have a solder gun, plus it will sound better too!
Nice find BTW, that cabinet is beautiful! Do you know what model it is? The Philco 90 cathedral is a really cool set too. If you look up Cathedral Radio in the dictionary, there is a picture of the Philco 90 next to it.
That cabinet looks absolutely awesome! Nice original shape!