That is a nice looking set and I also had the same concerns with my Philco 444 from 1936 about the wiring. A few days ago I was poking around under the chassis to determine what capacitors I needed to order and looked and poked at the wiring. It is all cotton covered and all the wiring below is very flexible with no signs of rot or getting hard so it will remain. The speaker wiring is in fair condition with slight fading and if I find “politically correct” cotton covered wire it might be replaced. The infamous capacitor blocks are the chalange but other than that it is something to work with.
The silk cloth is damaged and impossible to find so I gave up and subbed a semi glossy curtain material that looks period correct and has the same sheen as the original just a bit fancier. Yes I’m also one of those “stuffers” as well as I think those yellow fellows staring back make me cringe.