This is an interesting essay on the rights.
I wonder if the legacy in the A/Cs was from Fr John Tolkien. It would make sense.
As for the Tolkien Family Album, given the intrusion and often negative press Christopher gets in particular, I am not surprised that such a personal work hasn't been republished - it does't quite sit with a desire to maintains privacy, however since a substantial bequest has been made to the Bodley for a Tolkien photgraphic archive, I should think that this will be available in some form at some point. Maybe Christopher does not want it republished in his lifetime or perhaps the allegations regarding Fr John at the time of his death may be a factor ...