Hi,
One common fault on FM is the deterioration of the electrolytic capacitor (positive to ground) across the ratio detector transformer. This usually gives distorted audio. The IFT's don't need to have a high Q for FM - in fact a common mod is to damp them with resistors to cater for the wider deviation on current FM transmissions. When sorted the VHF61/62 can sound pretty good on FM - I use mine daily.
Good luck
Keith
http://tibblestone.users.btopenworld.com/Bush_VHF62.htm