[Arran]

It depends on the year and model, and where the faux finish is. Usually what you will find is a cheap species of hardwood like tulip poplar, beech, maple, alder, gum, or something similar, that is tight grained with next to no figuring. basically what they would call "paint grade" now. Philco used a lot of it in the front panels of their lower end models from 1937-38, especially the 1937s, and used a version of it called "Philcote" right into the late 1940s on some sets. Veneer will work well on a flat panel, but is a lot more difficult on a molding with a tight radius, like a grill bar, there you would have to replicate the grain in some way either with paint or a decal. Brand Z is the worst offender for faux finishes, the entire front on many of their consoles was nothing but a faux finish, even into the early 1950s. 
Regards
Arran