The battery should be changed as soon as the End Of Life (EOL) kicks in, so when the seconds hand no longer ticks every second, but every 4 seconds. Once the voltage drops to a point where the watch stops running, it needs to be taken out. Over time the gasket in the battery degrades and if it leaks it will cause damage.
Would need the actual reference number of the watch to give you answers to the other questions you have asked.
Cheers, Al
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