1930 Omega 40.6L T2

Hello, and welcome to the forum!

I think you first need to decide what you want to do with the watch.

If you want it to be a memento and an heirloom of your grandfather, consider leaving it alone. The dial you are gazing at is the same dial your grandfather would have looked at, and there is something special about that connection. And as mentioned above, it will likely cost you more to repair the watch than it is worth. If you choose to repaint the dial then you will have a different watch from the one your grandfather left behind.

However, watches are tools to measure time. If you want to use it as a timepiece - and why not? - then I think your dial has degraded to a point that it is difficult to read quickly and accurately. In this case, consider having the dial repainted or replaced, the hands straightened, and the movement serviced by an independent watchmaker. A light polish of the case by hand is all that is needed.

I think the "alpha" style hour and minute hands may be original to the watch; they would likely have been blued steel. Your watchmaker can have them painted black to simulate blued steel or can use chemicals to reblue the hands. If the hands are too damaged to reuse, finding replacement alpha hands may be impossible but your watchmaker should be able to help you find replacement hand styles that would look period-appropriate.

Good luck in whatever you choose to do, and let us know how it turns out