TAP will keep flying with the A310-300 until next year when they start to received the new A330-200's. TAP will not fly ( at least regulary ) with the A340-300. That plane is schedule to fly to Brazil, Caribe and Africa.
At least 2 of the A310-300 are currently beeing negociated with Portuguese Air Force, the rest I don't know but they might be repurchased by Airbus. About TAP service it's hard to me to accept that TAP as a terrible first class, I flew quite a while with them in the past and I can't complain about that, perhaps they had a bad particular time or they didn't appreciate the true portuguese cuisine!!!!
About Continental I think they could fill the space perhaps operating with another plane, a 767!
CV990, the Maserati of the skies!