It seems like this is some variation of #700 set from Town Plan (Bricklink / Brickset). I don't know too much about them, but I read somewhere there were some differences between same numbered sets depending in which market these sets were sold. Mostly package printing (different languages), but could also be (I might be wrong here) the plant producing these sets.
Gary Istok (aka LEGO Historian on Eurobricks) is known to dig into very old LEGO stuff. If you'd like to know or read more about sets of that area I can suggest to look into buying Gary's "The Unofficial LEGO Sets/Parts Collectors Guide". You can look through Gary's topics on Eurobricks to have an idea what you can expect to find in his guide. Example.
Note. I am in no way affiliated with Gary Istok. Just sharing my knowledge where you could find more information.
[I'm going with Alex's identification here of set 700.1-2 "Gift Package".]
This is a very vintage set in LEGO land. Twice as many people want it on brickset as have it. There aren't many reviews of this set out there. There is this this youtube that gives you a run-through of the contents.
I would say it is valuable. There are two of these for sale on bricklink and they're currently priced at $244 and $408. Because there are so few that have ever sold there is no price history, but there seem to folks interested in having it.