to make a simple hi/lo tone switch for your radio, get a SPDT two position toggle switch and a ceramic disc capacitor between .001 and .1uF in value.
(.001 will have the least effect in lowering the tone, and .1 will have a dramatic effect. choose whatever value in that range that sounds good to you)
looking at the back of the switch held sideways, you see three terminals.
(*-*-*)
left, middle and right.
solder the disc cap to the middle and right terminals.
solder a wire to the right terminal, and solder a wire to the left terminal.
look at the volume potentiometer in your radio.
you will see three terminals with wires on at least two of them.
you are going to be soldering the two wires from your switch to the outer terminals of the volume pot. one wire to each terminal.
you can experiment with the effect of different value caps by temporarily soldering the caps right to the outer terminals of the volume pot.
once you find the value you like, solder it to the switch and then you can have hi or lo tone.
as for the electrolytics on the speaker terminals, i have seen that mod before but it used two electrolytics connected together, pos to neg and neg to pos, then soldered to the speaker terminals effectively making it a non polarized electrolytic
hope this helps,
LC