[Arran]

I would recommend replacing all of the paper condensers if you intend to use this set, especially the filter condensers. Powering the set up with a dim bulb tester is normally a good idea but paper condensers can not be reformed, if they are bad they are bad they can not be revived or made usable again, however it will limit enough current to prevent any further damage if a short already exists. Fortunately it is very easy to hide new polyester film condensers inside the old casings, the Bakelite blocks are easily melted out with a heat gun or toaster oven. Getting at the ones in the potted metal can is a little more difficult as there are many more connections involved, but at least the factory installed a terminal board on the bottom of the can.
Another lesser concern is the resistors, they are dog bone dot coded affairs, but Philco used their own resistor code at this time so you will need to decode the originals to use RMA/EMA replacements with the coloured bands. Figuring out the wattages can be tricky sometimes, the best guess can be made based on what circuit they are used.
Best Regards
Arran