I don't know enough about Italian-made parts to say for sure when those were made. British-made endrick steel rims (good rims) and "special lightweight" stainless steel rims (even better) were common, with the biggest upgrade being rims like the Dunlop aluminum alloy club (really nice and unusual to find now). Later, Weinmann aluminum was also available. But given the advanced riders at the club bike level, customized wheelsets were a possibility, and would be even more likely if the rider wanted aluminum rims because British wheels tended to use steel rims (though very good steel) later than others.
I'd be inclined to offer them up as club style wheels and see if any old road bike guys bite on them. They certainly do look pretty old just from how they present.
On the frame cracks, the most common one I've seen starts as a small hairline where the seat stay is brazed to the seat tube, and then extends as the bike is ridden. It often follows the contour of the brazing or the seat stay end. Sometimes they get bigger and have to be addressed and sometimes they reach a certain size and then stop, even if the bike is ridden. It's not a majority of the Continentals I've seen, but it is common enough that I look for them now.
If the bike is not being ridden, obviously no big deal and worth just leaving alone. A framebuilder probably could repair it too, on frames that are worth it (patching up of the paint would be needed). A tall frame Continental would be worth it if it posed a problem. Of course if there's no crack and you have a tall frame, you've hit a jackpot.
What is maybe most surprising is that a fillet brazed frame on a performance bike in those days was a more "budget" offering because of the cheaper cost of labor. It was cheaper to pay someone to braze up a frame with a brazing rod than to buy high-end lugs and then pay someone to fit and braze up the frame with the lugs. Today fillet brazed frames built by hand are boutique things and you'd better have your wallet ready... There is a certain allure to the fillet brazed Schwinn frames.