I overlooked this question before.
Thank you very much for the help.
Is this version something criminal to be wearing and it should stay in its box? I am not well educated in the watch world and any advice would be greatly appreciated.
This watch is a much better than average example of a not so rare, but desirable watch. It is a family watch so that makes it extra special for you. I inherited the same model of watch as yours from my father and wear it regularly. However the condition of mine is not nearly as good as yours, and I would value it at less than half that of yours. The main issues was that the dial was replaced with one from the 1990s, and the bracelet is a different model from the late 70s. The caseback is engraved with my dad's name and the date he earned his masters degree (it was a gift).
I do wear mine quite regularly, but I am careful. Water is my number one concern, followed by impacts. There are many threads about water resistance of Speedmasters (e.g,
https://omegaforums.net/threads/anyone-go-swimming-with-a-speedmaster.47840/ ). When new it was water resistant to 50m, and if properly serviced it might be able to get back to that level. However, I see no advantage to getting it wet. I will wear mine on a drizzly day under my sleeve, but not in a rainstorm or swimming. I am also careful using a hose because the water is under pressure. I avoid hammering, drumming, and other activities involving excessive force.
Even if you are careful the watch will acquire extra scratches and dings over time. This will affect the value to some degree, but what is a watch for if not to wear it? Nobody here would think you were a fool if you wore the watch, but some might think you were a fool to keep it locked up in a safety deposit box never to be enjoyed.
