Back in the 80’s, I was transitioning from collecting pocket watches to wrist watches. I made some good choices during that period and some bad ones. This was a bad one. I look at the dial now and cringe. But, it’s amazing what one can talk oneself into if the motivation is high enough. I really wanted an early Oyster cased Rolex, but they were all so expensive. This one wasn’t, sitting in a reputatable watch shop, long ago closed, in Cow Hollow in San Francisco, for reasons that are obvious. Clearly, I’d have been better off spending the extra money to get a squared away watch. Please don’t be too hard on me. (You can’t be any harder than I’ve been on myself.) Who could be stupid enough to buy something so clearly a crude, put together piece? I was.
I'm absolutely no expert, but isn't the only real issue with this the (very bad) redial where someone added Rolex? That appears to be a FHF 30 (Rolex Cal 59) movement which would be correct for an Oyster Watch Co. watch, which was a sub brand of Rolex. http://www.ranfft.de/cgi-bin/bidfun-db.cgi?13&ranfft&2&2uswk&Rolex_59
I always thought the word oyster was used in the branding to vaguely mean waterproof, but in your second picture I see it!