Here is a discussion thread regarding another watch with the same import code and case number very close to the one you are considering:
http://www.iwc.com/forum/en/discussion/15351/?page=1#post_178873
On the adjustments, this is another anomoly that I noticed when researching IWC movements. Some movements were marked "adjusted", most were not. There is no apparent way to tell the difference without opening up a particular example. Differences could be by model reference, but this isn't mentioned even in IWC's own catalogs from the period. IWC generally did not submit adjusted movements to the COSC for independent testing back then that would enable them to use the word "Chronometer" on the dials.
My understanding is that IWC's own internal testing was tougher than COSC standards,
gatorcpa
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