[NostalgiaRadioTime]

I just finished recapping two of these "hippo's" (both 1946 models), and, you're right, there shouldn't be that extra 50/50 cap. You can see the schematic here with what you should have: http://www.nostalgiaair.org/Resources/634/M0013634.htm Click on the little eye or floppy disc symbol to open the pdf file.

I'd eliminate that 50/50 and replace the caps per the schematic.