Based on post by Grind, I took another shot at powering it up, this time the bulb glowed dim, and after about 5-10 seconds . . . SOUND! Initially only from the right channel, but a wiggle or two on the (slightly sloppy) volume pot and i had two channels. I did not connect an FM antenna, so not sure how the tuner is working, but will spend more time on it over the weekend. After about 5 minutes running at low volume with a CD player into AUX, the output tubes got only slightly warm, and all three transformers remained cool to the touch. I did not take any voltage readings. Sound was OK. But there do not seem to be any major issues - even the meter bulbs worked. I will now proceed with a bit more listening tests, take and record some readings, and then begin the resto. Full cleaning, metalbone kit and Hayseed caps to start.
Other than a good cleaning with Deoxit, any advise for the pots? Volume, tone and balance all seem loose -- not the mounting to the faceplate but the shaft in the pot. Is there a way to tighten these up?