Are you sure it's not a "Granco" unit? If so, the only reference to that brand is some tube radios from the 1950's. Is that a stereo unit?
As previously stated, the hum is PROBABLY the result of bad filter capacitors which, being over 50 years old, are most likely ready to spew forth their guts from the bottom, if not simply explode.
Dependin on your experience and willingness to throw $$ into getting this up to a safe operating position, you might want to give it some serious thought.
Since I'm assuming that your TT has a magnetic cartride, I'm surprised it works well through it.
[edit] Just saw your new post. That's a mono "All American Five" AC/DC table radio with a solid-state rectifier. Don't go poking around inside with the power on unless you really, really know what you're doing. But, the capacitor replacement should be fairly easy, and a good way to get a start with this stuff.