The original Mk. II is a Cal. 861, but the current Mk. II uses a Cal. 3330 co-axial movement, based on the 7750 as I've already written in this thread.
Letting the chronograph run all the time on a vertical clutch chronograph is not a good idea, as it will eventually cause the chronograph wheel to seize, and when you stop the chronograph it will cause the watch to stop, like this:
Some chronograph wheels are serviceable, but many are not and must be replaced. I don't service Seiko's anymore but when I did the chronograph wheels were already getting hard to find, so advising people to run the chronograph all the time is IMO dubious advice.
As I've noted previously in other threads on this topic, it should be stopped periodically to ensure that it doesn't seize together.
Cheers, Al
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