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Appears to be the correct 550 Movement based on this:
http://www.chronomaddox.com/omega/tables/seamaster/combined.html

 

Is that corrosion on the back of the case and lug?

 

Could be corrosion. If the case is stainless steel and not plated, I should be able to polish it out. Although it almost appears as though the case is plated and the plating is peeling off.

 

and what's all that stuff between the letters in OMEGA on the dial? looks like a crappy solder job..

 

Fixed it for you...easier than fixing the watch above....

 

Wrong second hand, minute and hour hands.

Omega emblem (the word, not the symbol) has been overpolished or mistreated in some way.

Case is corroded.

I suspect a redial.

 

Thanks guys, I passed anyways. He wants way too much money for it to boot.

 

Yep, skip...

 

Dial furniture messed up because of redialing. Black and cross-hair doesn't exist for original DeVille dial.