[Arran]

I have a more standard version of a Philco 96, or a 95, I'm not 100% sure as the part of the tube shield with the model number plate is missing. I have not performed an electrical restoration on mine yet but have done some cabinet work, it was almost as bad as what you have in some ways, in some ways worse. It's a set well worth fixing, the model 96 had the best chassis of the 1930 model year, not terribly valuable (not many late 20s early 30s consoles are) but they are good performers I am told. The 296 is much rarer then the typical 96 so it has that going for it, I would restore it if you can.
The cabinet isn't that great but it is restorable, but it will have to be dismantled and likely need all of the cabinet joints reglued and the worst parts replaced by using the originals as templates. The only major part missing is the bottom drawer so you will need to look at an intact one to use as a pattern. It also looks like the legs have delaminated and had part of the turnings fall off. It is a major project and not one that I would recommend unless you have experience with cabinet making or repairing furniture.
Regards
Arran