[Arran]

I can't see any obvious signs of transformer failure from the pictures, such as oozing tar, or burned looking wires, it would also smell bad. It's still worth checking before you spend time swapping out capacitors, resistors, and the like, and easy to do with a type #80 socket, the two small pins are the plate connections, large ones are for the filament. The chassis looks fairly clear, and not much tampering, if you would like to take a stab at restuffing paper caps this would be a good candidate, they are fairly easy to take apart, even compared to an Aerovox. The cabinet was refinished at some point, it looks like one of those stain and varnish combo finishes, I hope it isn't poly and stain!
  You were wondering about performance, well it isn't going to measure up to a model 16 Philco, but the 5T5 I had, (Canadian version) wasn't bad for a five tuber, reasonably selective, and sensitive once I fixed the antenna coil primary.
Regards
Arran