Everyone has to own one of these sets before the die. Recent popularity due to Ebay, seems to have emptied lofts, garages of these little sets.
As long as the case is in good order (Bakelite) and the dial is okay, these little treasures can generally be brought back to life and work very well.
All the usual capacitors must be changed, don't forget the mains filter tucked away. The dial lights will almost certainly be dead. Changing these for the correct type may not provide enough light for the dial, unless you are wearing night vision glasses. Changing the series resistor can help.
Look out for the live chassis. Make sure that the mains plug is wired so that the chassis is at the neutral end. Also worthwhile checking the speaker grill does not assume a potential. I have seen this happen under fault conditions.
I did see an interesting variation on this set a while ago. It was made for the African market. The LW was replaced with 2 short wave bands and a socket on the back had been fitted for use with a vibrator power pack. The sorry thing was, that the wave-change switch had suffered from carbon tracking, badly. The set had to be hardwired for MW. Can't be many of these sets around!