This listing cracks me up. I just noticed that the movement shots are borrowed from the previous seller's listing, and that one of those photos has the broken lug missing. Maybe this is the seller's subtle way of demonstrating that the lug has been repaired... photos are of course part of the description.
If the repair was done really well, I think that price would be reasonable... maybe even a little more... but I would want to examine it closely before purchasing. The inscription (if it hasn't been polished off in the interim... who knows?) was well done and would not detract much from the value, as far as I am concerned; maybe there are some good G.K. Tallmadge stories from Milwaukee. For me, the real blow to the value of the watch comes from the way it is currently listed, which doesn't inspire in me any faith in the seller.