[MrFixr55]

Nice job on the 37-61!  Even the RCA Victor Dog seems to like it. 

Thx for the pic of the front of your set, I should have scanned down on the page when I did not see it on the thumbnail.  it is obviously NOT the Moderne but will be very nice when you are done. Right off the bat, just cleaning it and replacing the grille cloth would make it presentable, but based on your 37-61, I think you are going for more.

The chassis on this set and your 37-61 are similar electronically, except that the 37-61 uses the newer generation of octal tubes and the SW band.  So, other than the speaker size, which, along with the cabinet size, gave that nice boomy bass on that great big band music, you should expect similar reception.

How you restore this depends on what you are looking for.  Restoration would be similar to your 37-61.  At the very least, do what you likely did with your other radios:
Replace all capacitors!  The filter caps and all of the paper caps that are embedded in the bakelite blocks.  There are several articles on the Phorum on how to empty these blocks easily.  I use the technique of cutting the wires to the internal parts of the block and using sheet metal screws to jack out the tar.  It is not necessary to refill the blocks with tar after the caps are replaced.  It may even be possible to replace these caps without having to remove the wiring from the blocks.  For the 2 caps across the primary of the power transformer to suppress power line noise, replace these with type Y safety caps.  The originals tend to short.

Measure all resistors and replace any that are more than 20% different than the listed value.  Ohm out all coils.

Your speaker is obviously damaged.  Choices include reconing (Others on the Phorum have either done themselves or dent out to a service), finding a replacement on eBay (8" speaker with an 1140 Ohm (+/- 20%) field coil and an output transformer to match to a type 42 or 6F6 tube will do) or (temporarily?) replacing with a modern 8" speaker an 1140 Ohm resistor and higher capacity filter caps.  The Philco Library has a list of speakers, their Philo P/Ns, size, field coil impedance, type of output tube used and what models used the speaker.  

The wiring should be in good shape unless the insulation is rubber and deteriorated.  This can be dealt with either by cutting one end and sliding heat shrink tubing over the wire, or completely rewiring.

There are several ways to deal with the corrosion on the chassis.  Don't inhale if sanding because the chassis may be cadmium plated. I use Navel Jelly on the rusty areas and either soapy water or window cleaner, depending on the type of dirt.  However, seek the advice of others on the Phorum who have done totally unbelievable jobs by removing all components and acid treating and plating the chassis to original (or better!).

Be careful cleaning the dial.  The wrong technique will remove the printing.  Replacement dials are available from several small businesses that cater to this hobby. 

There are several techniques for cleaning the tuning capacitor.  Some folks have removed the tuning cap and put in the dishwasher or an ultrasonic cleaner.  I have not tried this.

Hope this helps!