That sounds about right, although I'm having trouble assessing the condition of the watch because of the harsh photography. Since the 1163V is a relatively common watch, best thing to do is a completed listing search on Ebay. That'll show you what these change hands for.
It appears to have a later service insert, some 1163Vs came with the MH insert but not AFAIK with the pip at 12. The bracelet isn't correct.
The serial number engraving looks a bit odd. Typical Heuer serial number engraving is very light and thin. What is engraved between the other lugs? It should be "1163" with a very faint "V" below.
That diving sticker on the back is sort of interesting. I can't imagine these made especially good dive watches. The company still exists. Hard-core industrial divers out of the UAE, apparently. http://www.dulam.com/diving-services.html
The engraving is correct. The 4 is slightly higher. I've seen a few cases with serial 24 and 26 (both 1972).