> field coil speaker was used in some high end Hi-Fi gear.
No.
1890 through 1940, the only GOOD speaker magnet was an electro-magnet (field coil).
1940-1950 speaker design switched almost entirely to permanent magnets, first Alnico then ceramic (and now poly/moly/sammy exotic ceramics for some work). J. B. Lansing was very excited by Alnico and what he could do with it.
This despite the fact that a field-coil can do double-duty as a filter choke. (The rise of lower-price electrolytic filter caps took some of the sting out of the loss.)
> isn't varying the strength of the magnetic field the basic idea of a field coil speaker?
Didn't used to be. Holding the field *constant* was a design goal. Changing the field strength screws-up the careful balance of all speaker parameters.
In the Old Days, guitarists would be the last to like that, because you can only play softer (louder leads to smoke).
Yeah, every dumb idea comes around in a new era, and I agree there may be some point to a speaker so lame you can throw horsepower in and get flea-power out. Hey, I can buy a Corvette and drive around town with the parking brake dragging.
> Stripped her down and cleaned her up, now what to do with it?
Well, if you hadn't already ripped it up, you cudda just played it. A high-class radio and a guitar amp are practically the same thing! Main difference is instead of an AM tuner you have a guitar preamp.
See the Volume pot? Disconnect the top leg, inject audio to it, you have a 12 Watt audio power amp.
This will "play" with a geetar right to the volume pot but it will be hard work. An LPB booster or two in front is a quick fix. Another fix is to re-purpose a radio-tuner tube as a guitar preamp. Often you can rip-loose the IF tube and rig it as a standard audio stage. In this case there's an even better trick: the "DET-AVC" diode is really a 6J5 triode (cheaper by the gross). Re-wire that using the part values from "1st AF" stage, it'll play nice. If no spare audio triode, triode-wire the IF pentode and that'll work.
The Magnavox speaker probably has killer tone. Magnavox was a pioneer in loudspeakers and were years ahead of other makers. Modern guitar speakers ARE the Magnavox plan, just built cheaper of tougher materials. That may be a problem: that speaker is durable playing 1W-2W of UN-distorted sound in a large parlor or tavern, but in over-driven guitar work it will probably tear itself apart (if age hasn't got it yet).