[Raleigh]

And how do I ID these wax paper capacitors of which I was cautioned?

The wax paper capacitors are smallish, yellowish, cylinders with a wire coming out of each end. Usually you can see brownish wax at the ends where the wires come out, and often there is a coating of wax all over the tubes. Sometimes the coating of wax has obvious blobs or drips on it. You should be able to read a capacitance value less than 1 mf (microfarad) and a voltage rating, usually between 200 to 600 volts. These are unreliable after so many years and should be replaced. There may be 15 or 20 of these in a 40-180. It doesn't matter much what kind of capacitor you replace them with, as long as the capacitance rating is about the same, and the voltage rating is at least as high. By the way, these wax paper capacitors can be other colors, usually blueish green, but most of them are yellowish brown.

In a 40-180, you will also see 2 larger aluminum cylinders that project above the chassis and are held in place with a lock nut below the chassis. These are electrolytic capacitors. They are VERY unreliable after so many years and should be replaced before you even turn the radio on or serious damage can result. You can put modern capacitors of the same value under the chassis, leaving the old aluminum cylinders in place for appearance, but you must make sure the old ones are removed from the circuit (center wires disconnected and taped up or even just cut off.) Otherwise, you can carefully cut open the aluminum cylinders, remove the nasty, powdered stuff inside, wire in modern capacitors in place of the nasty stuff, glue the cans back together, and wire them back exactly as they were. This is called "restuffing" the capacitors, and it isn't as hard as it sounds (except for the first time, maybe.)

Again, the capacitance value should be close to the original, but the voltage rating should be at least as high as the original. For electrolytics in the 41-180, you should use replacements rated as no less than 450 volts.

Advice to beginners on replacing and restuffing capacitors is on this web site. http://www.antiqueradio.org/recap.htm#replacing

Oh, and you might as well add the resistors to that question.

Resistors are usually small brown cylinders with a wire coming out of each end. They are marked with color bands that tell you what the original resistance value was supposed to be. Unsolder the wire on one end from whatever it is attached to, measure it with an ohm meter, and replace any that are outside of a 10% tolerance from what the color bands and the schematic say they are. (Some radio restorers say 20%, and they are probably right, as these old radios were designed with greater tolerance than modern electronics. Often the manufacturers used parts with a 20% tolerance in the first place, but I like to go with 10%. You can easily buy 5% tolerance resistors for replacements.) In addition to resistance value, resistors are rated in watts. Most of the resistors in the 40-180 are 1/2 watt, but at least one that is attached to an electrolytic capacitor can, is 1 watt. The wattage of replacement resistors must be at least as high as the orignals, or they will get very hot and not last very long.