I picked up a pair of AR-2ax's last night. Had a chance to listen for a couple of hours (not to bad) and did some research today on old AR's.
The cabinets and grills are in good shape and so are all the drivers. I lucked out as the woofers have the cloth surrounds and not the foam that are prone to deteriorate. The pots are shot and what the guy did was bypass the pots entirely and now the mid and the tweeter are running too hot. I have to try and find some replacements as he drilled out the originals to put in the banana terminals.
So far, they only sound good - by good I mean really good :D - with Jazz or Classical.