[Arran]

 The tire on the idler wheel may or may not be shot, on mine it was fine, but the crystal cartridge in the phonograph is more then likely to be dead. Fortunately the tone arm is hidden inside so you can pretty much use any 78 RPM needled cartridge that will mechanically fit. One thing that may be a problem is that the motor and any other moving parts will need to have the dried out grease cleaned out and be relubricated, in mine the motor was seized from disuse, the bearing on the idler wheel may have been the same. Another item that may or may not be all right is the flocking on the turntable platter, on mine it is gone, but many have had success in reflocking the platter themselves. In my set the mercury tilt switch is bad, so the set has pretty much sat in drydock until I find a go around.
  In truth I have had more problems with the radio, whilst I recapped and replaced and resistors that needed it (cramped chassis), I could never get the set to track properly across the dial no matter how many times I tried to align it. I should clarify that my set is one of the Canadian versions of a 46-1201, I think that they called it a model 76A or something, the only schematic I could find was in the RCC manuals, so I photocopied that one, and collected schematics for every one of the U.S versions trying to find something that would match as mine was not exactly like the one in the RCC manuals. There were two production runs, and at least seven different code numbers between 121 and 128, involving everything from tube changes to switching from an oval electrodynamic to a 5'' round P.M dynamic. It's a model that Philco got a lot of mileage out of.
Regards
Arran