Yes, at some point, but to my mind we're not at that point yet. The OP, and at least some other Rolex collectors themselves, seem to agree that the quality of these markings varied wildly. They are also willing to accept remarkably poor examples as original. It then follows, as I have mentioned several times now, that such markings would be extremely easy to fake, and, given the high number of vintage Rolex that circulate in the market, coupled with their high values, there can be no doubt that at least some re-engaved examples have been bought and sold. So to assume that a watch with a particularly poor engraving is necessarily "factory original" would be naïve, in my view.
We can continue to debate the OPs watch, but especially without better photos of the case back and engraving, there isn't yet sufficient evidence to convince me, and others, of originality.
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