Bob, thanks for the input. I don't think I made the distinction between what needs to be stripped and what finish I think can be recovered. Although ultimately that may be determined by the restorer's competence or taste. Here is an example. I have a Crosley 66T3 that I am restoring. The finish I believe is laquer. It has blemishes, scratches but the wood grain, tone is still visible. I am thinking of a light sanding maybe just enough to take off the marred layer that hides the cabinets true finish. This is the process I am unfamiliar with because I have usually stripped off the original finish with (in the old days methylene chloride and wax) now Citristrip. You make good points refering to phonograph collecting and the value based on finishes. I think there must be a difference between the aging characteristics of laquer and varnish. Some of the sets I stripped off completely. I did so because the finish had turned nearly black. I have seen this on more then radios and furniture.
When I purchased my now 103 year old house the staircase had the same near black varnish? It practically hid the grain. I stripped it off and finished it with a sanding sealer with no regrets as now I can see the wood grain, tone. I can say the same for my Majestic 90b and a similar Philco 111 but to respect the original finish I simply don't know how to get it back to where it was. If a piece is waxed as them I use a conditioner but it doesn't work on finishes with dryers as you mention. Anyways thanks for the history. If you have a set that has a blackened finish how can it be conditioned to make it lighter or have more aesthetic value without stripping it off? also thanks for your response to the fuse topic I posted. I think I have a case where a 35z3 did open as you mention.

:
:::You are not supposed to stain most wooden radios.
:Use colored varnish. If there are mixed woods, the fine woods will take the stain well, but certain hard or soft woods and plywood ends will take the stain very poorly. Pine and walnut will turn zebra, hard woods will not accept stain at all. The edges where the underwood (which is usually either really hard or really soft and sometimes is in layers if plywood) is showing should be covered with a dark colored varnish as was originally used. I'm not sure about how the Majestic you talk about looks, but my Majestic 180 has really dark colored varnish around the edges, as do my other consols, though in different shades. If you were to stain these edges, the radios would look rediculous. The trim around the base of the Philco 60, for instance, should be done in a dark colored varnish. The decorative border between the top and the sides of the Crosley Super 11 is a dark maroonish colored varnish. I found that it was a cross between walnut and jet mahogany. If this surface is stained, it will not accept stain at all. It will look light and plain looking. Colored varnish is used to hide ends of plywood and to blend different types of wood that would not blend with stain. Another advantage of colored varnish is that joints can be filled with wood putty, and the colored varnish will disguise them. You can purchase colored varnishes and polys at hardware stores and wood working stores. You can also make your own shades by mixing oil based paste stains with varnish. The paste stains will greatly slow down hardening of the varnish, so be aware of this. The varnish will lose its tackiness in the normal amount of time, but may dent with the pressure of a finger nail, etc. Once the colored varnish sections have hardened properly (a month, perhaps), they should be gone over with a clear coat of varnish. If you use precolored varnish, however, it should dry in the normal amount of time.
:::
:::Anyway, don't stain radios unless the wood takes the stain well. Remember that radios were originally made on assembly lines whether at the radio factory or at a cabinet factory. They used quick and cheap methods of assembly, and then used colored varnish to blend everything together and also to get striking designs not otherwise possible with the woods used. I see radios on eBay with stained walnut, which zebra stripes, and the borders of the radio are stained the same color as the rest of the radio instead of in a deep contrasting shade. The radios look boring and rediculous. Also, originally most radios were done in either a semi-gloss or a full gloss. Unless it is for your personal taste, don't refinish a radio in a flat finish. I have seen some radios which look good this way, but if you're going for original, they should be glossy.
:::
:::Thomas
::
::Thanks for the tips and the history. I will go with varnish and stained varnish. I have to say though that I have had some very good results with stain and shellac on cabinets that I completely stripped. I have no idea what the original finish looked like on the Majestic 70B and 90. They were in very poor condition. It took several days to repair the veneer and stabilize the cabinets in order to work on them at all. Now the Majestic highboy model 92 does have the highlighted edges you mention and I won't strip it off. I also agree with your warning on bland one tone refinishing jobs. I did that to my Philco Jr. and regretted it later. Although it may not be too late to use a darker finish in the inner front panel as was originally. I will look for the oil based stain you mention also. Although I have not used polyurethane in recent years I am opposed to it. I like the look of shellac and varnish. I have tried to repair dents and scratches on floors done in polyurethane with poor results. Polyurethane is a longer chain molecule than varnish. I think I will stick with the varnish.