there's no reason why a case can't be made waterproof again, I've seen crazy micro welding and remachining done to recover small details and sealing surfaces on tooling and hydraulic equipment in the past, but why would you.
If you want to dive with a watch, or just swim, risk something new that you can get parts for. Or cheap that you don't mind killing. Why risk your vintage piece. My own vintage waterproofs have all had new seals where possible and most have been tested (and passed) but I'll not be risking them in the water.
I don't recommend buying a Seiko diver as a disposable though..... problem is you get attached to them and then you need to buy something to save the Seiko..... and then you fall in love with that and....
Hell.... just but a Submariner and beat the shit out of it.
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