http://www.pa4tim.nl/?p=1385 about testing and reforming old caps.
My experience with bad caps is limmited to gear from the early 90's to today. The number of caps I had to change in everything I own from the 60's and older or used to own is very, very little. Exception here are the first HP's from Japan (caps < 10 uF only) and Philips gear.
Every resoration here starts witrh reforming the caps by desoldering one leg and connecting them to a tester. I sometimes use a variac with lightbulb in series if it is to much work. Just restored a 1962 HP-122AR. This I used the variac because the caps were to hard to reach and had a lot of wires and resistors soldered and most had 2 or three caps in one housing. And no delicate IC's or rare tubes inside. Even my Tek 547 still has all the original caps. B
But I agree that they need TLC , If you just plug the instrument it in the mains after several years there is a big change you need to replace caps.
Never smelt Selenium, is it worse as popping caps ? Once opened a aluminum can in a ex army (dessert version )marconi LF generator from 1954. It had a spare filmscale inside from celluloid. I think my eyes burned for two day. That was discusting.
I know they are not very reliable (relative, if they fail after 50 years ;-) ). I have one very big Russian HV power supply from a transmitter that has selenium cells (i think) . They became polulair in the 1930's, used a lot in old radios from the 50's (a friend told me, I do not much with old radios) but in my HP, Tek, GR and Philips gear from that area I do not think I have ever seen one. Can you tell more about this. I always like to learn more about component behavour. I do lots of tests/measurements on components, and read books about them ( I measure with things like curvetracer, bridges, vna's, I evenfound a special transistor risetime plugin from tek last year, very cool. ).
I only know them as the big things with cooling fins. I have a Triumph speedtwin 5T from 1954 that had something that looked like selenium but I think it was a zener (forgot, replaced it with a more modern solution 15 years ago before I knew much about electronics)