Hi Mark; welcome to LTG and congratulations on your new amp. The polarity switch is left over from the era when commercial and household wiring was pretty much a 2-wire system; a hot and a common. In the pic below, the Power switch interrupts both of the incoming 110V lines; the hot and common. It's followed by the Polarity switch which connects one 110V line to a capacitor ... or the other 110V line to the capacitor. Back in the day, this was to keep from having to unplug the amp and plug it in 'the other way' to abate AC hum.
You can put the switch in either position ... might or might not have any effect on AC hum. If the caps are old and just by listening, you might not be able to distinguish AC hum from DC but that's why you have a tech.
You need to get that cord upgraded to a 3-wire version and have that capacitor disconnected. The capacitor can fail two ways: 'open' ... it doesn't do anything or it can fail 'short' creating a path to the chassis for the incoming power. Since your instruments get their ground from the chassis, the risk is that the AC voltage will travel up your instrument cable to your guitar ... There's a reason they call that the 'death cap'. Anyway, it needs to go.
Because Guild amps didn't enjoy the success of other makes, there doesn't seem to be any way to match serial numbers to dates of manufacture although '66 - '69 is probably a fair guess. Yours is the much rarer 8417 model. Guild adverlit for your model; although the text says 6L6s / 50 watts, quite a number of them were like yours ... 8417s / 100 watts:.
You're going to find that finding backup or replacement 8417s is a spendy proposition;
for example, $75/ea :shock: The 8417 has the rare ability of to use less DC voltage to generate 100 watts than a 6L6 uses to generate 50 watts ... that's also on my list of things I don't understand. The good news is that the amp has independent bias pots for each tube so you don't need matched pairs ... which is good ... since you can't buy matched pairs
I had one of these but I converted it to a 6L6 amp; all the ugga-bugga you see in the pics is mostly the effort to get all new power supply capacitors in it ... the 'conversion' involves only a few little pieces and parts
LTG thread link.
So .... good luck with your amp, welcome, and I hope somebody can help you out with the speaker cabinet!