My 5512 McQueen. On leather at the moment.
The McQueen is a 4th generation, 4 line 5512.
So sweet... In fact your picture looks as though it was indeed taken in the 70's!!! Mine is a circa 1967 in which in which I have fitted new Rolex dial, hands and insert. Looks new and I just happen to prefer to yellow markers, faded insert and yellow pip..... She is all polished to boot with nice sexy Bexley bevels. After all I would hardly want to drive my vintage car with faded chrome, cracked leather, rusty wires and brakes that don't bloody well work because I insist on using nos 60's and second hand parts. Wear in good health.
I once brought my GMT 1675 for servicing and the service technician was the one who suggested that since the movement will be overhauled, they can also replace the dial, hands and bezel insert plus polish the case to make my watch look like it just came out of the factory. Its all marketing propaganda to generate more sales for the service center.
Its the million dollar question. What do they do with all the used parts? Can you imagine how much money Rolex would make just selling those faded bezels, tropical dials, etc..