[Marsupial]

Welcome to this site!

This is the place to get Philco-related info on restoring your radio. I know, I was there not too long ago. I got myself a 47-1230; two years older than your console.

I too had a bunch of mickey mouse that didn't understand the radio is to provide music for the party, not a place to party in.

You're talking about rust... how bad is it? On mine, the main cause of rust was mouse themselves, pee and poo if you will. Cleaning it was essential as to prevent weird odor while the radio functions.
You might want to post pictures to get a better opinion.

Before you plug this thing in, you will want to replace at least the electrolitics capacitors.

here are some interesting articles on what to do in early times acquiring your radio... the same links I was instructed to read when I started to look for info on mine.
http://www.antiqueradio.org/powerup.htm
http://www.philcoradio.com/tech/plugin.htm

If you have the schematics, you likely have a parts list, you will have to change several of the capacitors; I know at first you'll try to avoid doing so, but believe me, once they are replaced, the amp and radio just isn't the "same old junk" anymore, and become "brand new" again!

I have been trying to get info on the M-12c with no results... is this a multiple speed changer?
The changer on my console was 78rpm only, and I have LPs and singles that requires either 33rpm or 45rpm.

I am not certain about asbestos in Philcos. other will have to chime in. It might be cardboard leftover from mickey making its nest.

enjoy restoring your radio; I am certain it'll play well once properly restored!