If (if) you are going to replace the speakers and the grillcloth, now is the time to consider replacing the baffle ... not less than 9-ply Baltic birch (not Carpathian Spruce) like
this stuff ... from the guy I buy from on eBay. I don't know what you might be able to scavenge from local cabinet shops ... the stuff at the lumber yard is no good ... too wet and too many knots. If you mess with this, you'll need some of
these. .... known as Ferlingheimer screws in New Zealand ... the double threads keep the stud from turning when you're tightening down the nuts from inside. There are also longer ones around; depending on the thickness of the new speaker rim, you might need to counter-sink these into the face of the new baffle.
Not saying you have to do this but particleboard softens, flexes, and disintegrates over time ... and no, particleboard wasn't used for its tone-enhancing properties. One option might be cabinet-grade MDO ... but before you make up your mind, you ought to cruise Clark Amplification, Victoria Amps, Carr, Top Hat ... and the other boutique amp makers ... see what they are using. If they're using MDO ok ... but if they aren't ... I mean don't bother fooling with it if you can't get the right stuff. Good luck. J