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It will run fine with your 115-120VAC house current, and yes, recap it. PM = permanent magnet speaker, no field coil. I'd suggest at least an 8" speaker of the type used in stereos and TV's during the '50's and later, often salvageable from stuff sitting on the curb for the garbage man.
Looks like tube shields are missing. Tube shields would be needed for stable operation on any tubes that have a special raised "curb" around the tube socket. Advertising your requirement here and on Antique Radio Forum might find you some.
Reece
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Reece
Perfection is hard to reach with a screwdriver.
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