[Radioroslyn]

#1 It needs to drop 125v down to 63v at 150ma which =s about 10 watts of dissipation. At 10wts it's going to get hotter than the hinges of H**l. So you'd want to double the wattage. Or you can use a diode to drop the 125v to 85v then you only need to drop 23v. That =s 150 ohms at 3 1/2 wts dissipation. 5wts is good. You can get power resistors w/an al cast heat sink.

#2 The "shoe string" resistors are wire wound jobs. Haven't seen many bad ones at all. Do not bend them as it can break the resistance wire inside. Left alone they're fine. Can be replaced w/carbon type if needed. Unless it's in a high frequency rf circuit where it's used as an inductor also.

#3 Generally I stay away from '39-'42 Philcos. Those are the rw years. The large chassis are a bit easier more room to work with. Not so much with the ac/dc sets. Try to assess the condition of each wire and replace as needed. Just as good practice I've replaced all of the hv wiring. Have used plastic coated wire. Cloth covered is too expensive and now days it's getting hard to find. About 15yrs Beldon was still selling rubber wire. But minimum order was 500' pr spool @ something like $1 a foot that's one color. Not really hobbyist friendly pricing.
  
I do have a 41-300 which is a great player! Did burn up some rubber wire when servicing it.