How's the speaker? Could be blown.
Distortion could be caused by bias failure. Leaky capacitors (probably
called condensors when the radio was built) are a big problem with tube
(valve) musical instrument amplifiers.
There are several possibilities, but the first 2 that cross my mind
are:
speaker voice coil jammed against pole magnet, due to corrosion or
debris
bad connection, might be due to corrosion of a friction contact.
The other thing is that most of those caps look like waxed or oiled
paper types, which have a bad reliability record IME.
There are other things that can cause the distortion too, such as a
break in the output transformer, or a bias failure.
If you dont have a scope, there is a simpler way to check for signal
distortion at points along the signal path. Get yourself a very low
power audio amplifier, under 1 watt, hook it to a speaker and use this
to probe various audio signal points. To protect the amp you'll need
to put some components on the input:
X--||----/\/\----+----+--- amp signal input
| |
__ --
\/ /\
| --
radio chassis | |
-----------------+----+---- amp ground
Now, as long as output power is low, your ears will survive ok.
I'd start by checking voltages around the place, such as on the supply
lines, or capacitor + tags.
You can check the speaker by hooking up an external one in parallel.
Dont disconnect the original for the test, if a system like this has
no load even for a fraction of a second it can do itself considerable
damage.
Lytics can fail, but IME are quite far down on the list of most likely
failures.
NT