I recently picked up a 75 Continental. The only difference I am aware of between the Varsity and the Continental is the quick release wheels (with large flanges). The handlebar tape on mine was broken and hanging but I was able to rewrap it. A little spit and polish and it doesn't look too bad. It shifts and rides like they did when new (reference is from my own memory).

I saved mine from what was to be a fixie conversion... I think.