I picked one up just for kicks, the dial is such a fun and carefree blue. Also love the thicker hour and minute hands, as well as the time and chrono hands being color coordinated. Thinking it would probably look cool on a blue/white fabric strap.
That's a nice looking watch, I think it looks great in blue. While it would look good with a blue and white cloth strap, I'd keep the steel bracelet it has.
Its a Speedy Reduced variant - Speedmaster Racing Schumacher 3510.81 http://www.omegawatches.com/watches/speedmaster/reduced/35108100/
I love these Speedmasters. Here is my near mint, in Ferrari red with some creamy patina on the hour markers.