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This is an extraordinarily charming piece of work. Overblown, overconfident, sometimes a little silly in its proscriptions , but a fun read. What was harmonic theory before Schenker came along and systematized it? A series of rules culled from aggregating the symphonic repertoire.
But there all manner of tips and the like that you won't find in any post-Schenker material (or you'll find it as a parenthetical) because it doesn't fit into the system. Yet his explanations (especially of diminished seventh chords) are clearer than those in Schachter and Aldwell.
Overall, it's a little like reading a geology text before the discovery of plate tectonics or an evolutionary biology book before the understanding of DNA.