I suspect 1930s to 1950s era. More pictures as mentioned above will be helpful.
Sympathetically restoring it to a functional state so you may wear it and smile while thinking of your grandpa is a nice tribute to him. It will cost more than the watch is worth. Redoing the dial will destroy the collector value of the watch and will take away the very dial your grandfather looked at every day for many years. But it is your watch and you may do as you wish.
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