You can put in a single 8ohm speaker, 150 watts minimum, doesn't have to be coaxial, doesn't have to have a tweeter.
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The red and black leads (tie-wrapped together) are your main leads for your speaker.
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The white and other black lead are used for the extra "fantom" voice-coil of the original speaker (which is there to have the amp deliver 300w at 4ohm, but is not connected to a cone so doesn't produce sound). You don't need this for your new speaker, just isolate and leave them.