Chris, I don't think they used electrolytics in this radio. That's why it had a three stage cap-input filter - only 2MFd caps, but three chokes, including the speaker field coil. Notice the field coil was center-tapped, with the B+ going to the center tap, and the final audio amp was fed from one side of the field coil. That suggests that the half of the field coil feeding the final audio tube is open. Until you can get the field coil repaired or replaced, you could connect one side of an audio output transformer primary to the center tap of the field coil to pick up the B+, and connect the other side of the audio output transformer to the plate of the final audio tube. A permanent magnet speaker could be connected to the secondary of the audio output transformer. See the schematic:
http://www.nostalgiaair.org/PagesByModel/216/M0001216.pdf
You will want to get the field coil repaired/replaced to get the radio back to original, but this would be a stop-gap measure to allow you to listen to the radio. Good luck, and God Bless. 73, John
Chris,
In his response, John noted that the field coil was probably open. I had a recent experience with an open field coil, which I re-wound (15,000 ft #32) myself. My dynamic speaker could be broken down into all it's component parts including the cone. I can provide several pictures (.jpeg) and info by email, should you decide to personally undertake the rewind.
marv