Yeah, OP, you never told us what you think of the Valencias as they stand.
I concur with Bowtie that they offer a learning opportunity and I tried to get that point across above.
Valencias are a super classic vintage speaker and I'd say they achieve their goal, which is to provide a taste of horn speaker sound in a stylish and compact domestic package for 1960s middle-class hi-fi owners.
One of the lessons I learned the hard way is that "mods" are best employed when you basically like the target piece of gear. If you don't like it now, mods will rarely change that to a total lovefest.
And post-mod, you will be left with a boogered-up abortion of a formerly-intact desirable vintage item that still won't sound great and which will have lost its historical artifact and market appeal. One less specimen for posterity.
One way I like to think about audio gear and material items in general is that things enjoy numerous "careers" in their history. A pair of Altec drivers could have been in an auditorium to start out with, then a couple other scammers get them, then you get them, and when you sell them, a guy in Taiwan buys them and sets up a system in a Taipei flat. And on and on, before and after your time.
If you mess up an item with mods and improvements, what does that do to the present history of the item? A nice vintage car becomes a chopped-up ghetto cruiser.
Despite my personal, rather harsh, assessment of the Valencia, many people really like these speakers and many more would love to have them for what they are.
One reason I am a contributing member on this site is that folks around here seem to be having a lot of fun with old thrift shopped and trash picked mid-fi gear. This is a great thing, this enjoyment of what you got, what found its way to you, the less than top-of-the-line, not the latest and greatest.
I get to play with a lot of super rare and fabulous vintage horns in my audio work. I'll be the first one to state that there are a number of Western Electric systems that are far better than Altec, but I use Altec. I've been using Altec speakers for 30 years and I am happy with Altec, except that price has gone way up and availability down. I can fly back home after hearing some really insane theater systems and still be happy to fire up my stuff.
What's the goal? I think sonically it is to find a sound that one is comfortable with and you can melt into and enjoy and intellectually it is to know where the gear one chooses and rejects and doesn't own all fits into the big picture.
After owning and hearing mountains of gear, from trashpick fabulous to the fanciest stuff there is, I have a catalog of sounds in my head and some understanding of where I can plug myself in and be happy in the vast universe of audio equipment.
This knowledge is more valuable to me than gear. I don't want to own most of this stuff anymore. All I need is a few pairs of WE/Altec 700 series PM cones and some Altec woofs and drivers and I'm good for life. I have all of that, except that I need another pair of 802s at the moment (to build a two way with WE 728Bs).
Actually, Bowtie helped hook me up with one of my Altec 756Bs in my "permanent collection," for which I will be eternally grateful.
And I'll go him one step further and say that very little, if any, consumer vintage gear is "perfect." It's not just the Valencia 846As.
With horn systems, unless you find a working pair of WE 757As in the dumpster, building your own system out of good parts is the way to go. Dial it in for your ear, space, electronics. Make only the compromises you are happy with. Study learn build adjust and enjoy!
DIY is the path of righteousness with horn systems. For the proceeds of a Valencia sale, you can build a setup that is pretty much better than anything you can buy. Grab a pr of Altec 416s, some Radian drivers, etc. There are a lot of interesting parts around. The rest is thought and labor, very rewarding work.
I go to the Munich HiEnd show every year and seldom hear any speakers that would make me want to trade my Altecs. Most of the stuff that is in the same league is $75000/pr. or a few times that pricetag. And many, perhaps most, of those $$$ products started out as somebody's DIY project.
In the overall universe of possibilities there is no need to, no sense in, pointing a drill at a pr of nice Valencias. If somebody is skilled enough to make those sound great, then that person could make a really top-notch horn system starting from scratch with the same bank account.
Just food for thought based on my experience and looking around at what is going on around the audio world. Hope it is useful to somebody.
[Well, a lot of replies since I started writing this long-winded post early this AM but let me say enjoy the 846As!]