I've learned SCAFO in Italian means Hull (like boat or submarine hull). This likely relates to the depth a submarine hull can dive to. Looking at many old ads, Eberhard showed these depth lines frequently. Graf obviously related to keeping time. Thus Scafograf. Thank you to Fabio Spain Spagnolo
for helping to piece to solve this name mystery! - Mid 1960’s Eberhard Scafograf 300 - Ref. 51500 - cal. 266-123