http://www.nj7p.org/Tube4.php?tube=50C5
After look at a 50B5. You can wire the set for a 50C5 but I would not advise it.
Regarding distortion, if you are sure that you replaced all capacitors with new units (most importantly audio bypass capacitors), you may have some other problem such as a partial grid short that increases as the tube warms, or a gassy 50C5. Given the extreme temperatures of this tube and the cramped spaces within, it isn't too uncommon to run across one with a thermal grid short problem. This can be indicated by an individual element shorts test with the heater lit, if your tube tester allows for this. This can be corrected (if you know how to) by blasting the offending grid with short bursts of high current.
Both a shorting grid and a gassy tube can be revealed by noting voltage across the cathode bias resistor when the radio is first turned on, and after the distortion begins. If the voltage goes up, the tube should be swapped for another known (hopefully) good one. Be sure to use a 50C5 if the radio is currently using a 50C5.
You might also check resistor values, most importantly in the output section. If they are rather high (above 20%), this may allow the tube to run away with current.
T.