We report measurements of cross sections and analyzing powers for reaction angles of θlab=0.0-10.0 and complete sets of polarization transfer observables and induced polarizations at θlab=0.0-7.0 for the 208Pb(p,n) reaction at a bombarding energy of Tp=296 MeV. A multipole decomposition technique was applied to the data to extract the Gamow-Teller (GT) and spin-dipole (SD) components from the continuum. The polarization observables were also used, for the first time, to separate the SD components into different spin-parity transfer (ΔJπ=0-, 1-, and 2-) contributions. A significant strength with ΔJπ=1+ is identified in the continuum beyond the GT giant resonance, which is due to configuration mixing effects and the isovector spin monopole (IVSM) contribution. The SD strength distributions were clearly dependent on ΔJπ, which is reasonably reproduced by Hartree-Fock (HF) plus random phase approximation (RPA) calculations that include the Skyrme interaction with tensor components.