Falcons are very nice bikes. I had a top end San Remo (Campagnolo dropouts, all Nuevo Record) back in college, and still have fond remembrances. Definitely clean it up, put it back on the road and let the old man ride. Despite my loving them, I'll go along with T-Mar: Is your dad really up to messing with tubulars (assuming that's whats on the bike)? Looking at your first picture, I have a feeling that you'd be able to fit a set of 27" wheels and 27x1" tyres in that frame. Good old 120mm 5-speed wheels aren't that difficult to find.
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Syke
“No one in this world, so far as I know — and I have searched the records for years, and employed agents to help me — has ever lost money by underestimating the intelligence of the great masses of the plain people. Nor has anyone ever lost public office thereby.”
H.L. Mencken, (1926)