For the starters - the dirt or whatever it is on the dial comes off in a layers. Next - the roman numbers look way darker, bolder compared to the rest of the painted details. For an icing on a cake - a roman number "4" written as "IIII". Although I am not so sure about this aspect, as there are quite a few older watches and clocks with "IIII" instead of "IV". But in general - does it look like an attempt to repaint the dial gone wrong?

 

I'm guessing this is a late 1930s/very early 1940s dial, which is older than what I typically collect, but I'll take a shot. I don't think the "IIII" is a problem as that was a feature of many 1940s Omega dials. I think your concern about the bold text is valid. The 30, 35, and 40 minute markers also appear bolder compared to the 25 and 50 minute markers. However, the Omega logo and text looks correct. I'm leaning toward original dial with water/mold damage, but it's hard to form a strong opinion because the pic isn't great.

 

It's ugly?

Is that the answer you were going for?

 

...Everything?

It looks like an older redial to me, but I am not sure. Even if it was original, it wouldn't be very attractive in this state, IMO.
Re. the "IIII" you'll find a huge number of watches with this numeral instead of "IV". It is - AFAIK - done to improve the visual balance of the dial, also today.

 

I saw an obvious re-dial a few months ago that had the same circular discoloration around the hands. It was an obvious re-dial because the minutes track read: "20, 25, 30, 25, 40." lol I don't know if that discoloration is water damage, a base layer of paint, or what. That watch also had a Omega text and logo that looked original.

 

I would say a very old redial

 

Everything.