In answer to your first point, a watch restored by a watchmaker who knows what they are doing, can vastly increase the value of something tatty, but over polishing will seriously impact appeal. Sympathetic ownership is everything. All these watches were made to be worn, so use outside is not an issue, but I would take any water resistance with a pinch of salt, age does not look kindly on old seals. Most are safe enough in a light rain shower, but immersion should be avoided.
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