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I haven't seen one of those that nice looking in decades!
It actually looks like NOS...given that you wanted to go the vintage route, I'm not sure you could have scored a better find. Please let us know how it sounds when you get it installed and congratulations!
With the 421-8H II, if it dosen't sound good,
it's not the fault of the speaker.
IMHO that is THE Altec to use.
If you look at the spec sheet (attached) you can get a sense for how it will likely sound...probably a little more sealed-cab-like on the bottom end would be my guess. These speakers were used for electric organs and pianos, as well as PA systems. In other words they were not bass guitar specific in design. As long as you go easy on feeding the power it should sound nice assuming the cab is suitable match (and it's probably close).
How do you like the cab with the Scorpion that's in there now? as I recall the Guild likes to see and *ohm load so I'm guessing you'd need to try it with another head.
Do you like it? Does it blend in with the style of music you are playing, adding to but not become the featured voice? Then it seems like the perfect match...
Altecs were optional on some Ampegs, I think Acoustics
and some others, that may have included Guild.
So, yes, they have been used for bass.