I have an 85ish Austro-Daimler Olympian. I pulled apart the wheel bearings, and it seems the cups have some minor pitting. Is there any minor touch-up I can do for the cups? Or if I am forced to replace the wheels/hubs, what would be my best options?

If you have a lathe available, it is possible to grind the bearing surface, and make the cones usable again. However, you ought to be able to get brand new cones at any really good bike shop, or eBay.

But he said cups.

I'll add another question to the previous. Does anyone know the wheel spacing on this frame?