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I would not hesitate to get it serviced, It's a very nice example.
The key isn't for winding, It's for the lock that secures the clock to the bulkhead plate, which is in turn, secured to the bulkhead.
Winding and setting of the caliber 59 8 day movement is done with the round knob, just like a watch.
I'm guessing here, but to wind, simply turn the knob as you would with the crown of a mechanical watch.
To set the time, pull the knob down gently, you should feel a slight click, then turn the know to set the time.
Note that you should only wind it a few turns to confirm that it runs, same as time setting.
After it's been serviced you can fully wind it.
Calling @OMTOM to confirm my guesswork.
I wonder is this the same movement as the Omega Goliath?