RichardH is correct, there is no way to "dial in" an altitude and have the 707 climb to it and level off.  There is what is supposed to be an altitude warning device above the yoke.  You can use your mouse to set it to an altitude to give yourself a visual reminder, but it does not give any aural warning as you reach the set altitude. Watch for the altitude and when you get to it, level off and hit the altitude hold toggle switch.  The 727 has the same altitude warning device, but it works correctl, sounding a gong 1,000 feet below target altitude when climbing and 1000 above when descending.  

As for the frequency selection, go to the 2D panel and either click the radio stack icon (it looks like a radio tower) or hit Shift+3 and the radio stack will open.  Nav radios are the top left, comm the right right.