[Raleigh]

I'm reasonably sure that is not a Philco switch. The 41-285 certainly didn't have a factory phono input. Adding aftermarket RCA phono input jacks and switches to switch them (and disable the radio during phono operation) was pretty common.

You could restore the wiring to stock or you could leave it there in case you want to input audio from an iPod or similar device. If you do, trace out the wiring so you are sure what the switch actually does. A different switch with a clear switch point might be a good idea. It looks like it's probably a DPDT switch, which is needed to do the job right.

You might also check out Marcus and Levy, "Elements of Radio Servicing," chapter 12 for their advice on how to install aftermarket phono inputs correctly, just to check out whether yours is a good installation or figure out how to modify it so it is. Available here: http://antiqueradios.com/archive.shtml.