I'm not specifically familiar with Continental rules, but for other airlines I dealt with (AA and US Airways) your credit with an airline is locked to your name and cannot be used to buy ticket for anyone else - so unless you find your full namesake, this will not work.

As far as OP questions goes - if I were you, I would just forget about AA status and but a RT ticket with Continental using your credit. Seems like you will incur much more challenges trying to achieve both goals (AA status and using your CO credit) than you would get benefits. In my personal opinion Gold status is only worth it you heavily fly domestically which doesn't seem to be you case. Having Gold status and taking two long-haul international flights a year will not give you much. But YMMV.