CdS photocell coupled to a source of illumination (an LED these days, but might've been an incandescent or neon light back in the day!).
There are opto-FETs still available today (same thing, in silicon), though uncommon. Let's see... H11F1 and variants appears to be the only family on Digikey.
The main downside is the low CTR (fractional mA output for 20mA input) and voltage range (under 0.1V; for low distortion, maybe only 10mV), since like JFETs, they are constant current devices for most voltages.
The main downside of CdS is -- besides the low availability of prepackaged vactrols -- the poor repeatability, drift, and long time constants make precision isolation difficult at best (but, not something you'd notice for a tremolo circuit).
Neat fact: lots of old circuits used the neon light type vactrols as isolated switches for gating chopper amplifiers. This was used in very sensitive and low drift circuits, as far back as the vacuum tube days, where an average tube had microamperes of grid leakage (how much, and which direction, depends on where it's biased -- obviously a bit of a problem!).
Tim