Just in case you don't get the email....
If the segments are all on the same ticket, then you CANNOT miss the Palermo-MXP Alitalia flight. If you do, your remaining segments are cancelled and you'll have no way home.
Get in touch with Continental in Italy if you still want to skip the Alitalia portion, and explain the situation. They might not be able to help, but at least you'll know.
-Maria