[Arran]

Your diagram mostly makes sense, on Philco sets they used Bakelite blocks as terminal strips for the power cord, and power switch, and power transformer primary winding right into the late 1940s. Typically that block would also house the two capacitors connected between either leg of the power line, and the chassis. The caps inside that block will need to be replaced too, but with modern safety rated capacitors that fail open circuit rather then short circuit. You do not need them in there to get the set going, they are there to eliminate interference from the power line from getting into the radio's power supply.
Regards
Arran