I think the bulb acts as a diode to tame voltage spikes
My memory is vague on this but I remember seeing a vintage amp that used a small wattage incandescent light bulb in a circuit as a built in compressor. I think it was a Standell.
The added pot obviously lies between the bulb and the original speaker out, but how that pot functioned and where the bulb got its juice from, I do not know. Was there originally perhaps some form of light-sensor involved, or am I way off the mark...? I could post a whole circuit pic if that would help.
Yeah, looks like a current limiter..
No, not a current limiter. A resistance in series with the load would be a current limiter, this is wired in parallel with the speaker and forms part of the load. See my explanation in post #5 for a description of how it works.
Like the bulbs in a THD Hot Plate.