Need help on Rolex 68274 Precision

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My first posting here and would appreciate thoughts from anyone on this piece I have on hand.

I am researching the background and have some questions.

Rolex 68274
Automatic, Oysterdate 31mm
Stainless steel
Serial number R3XXXXX (Circa 1987-1988?)
Bracelet 62510M P1 (1991?)
smooth bezel
no papers
Pic attached

Questions:
1) This piece has a "Precision dial", ie not COSC certified. I pored through the internet and was unable to find any stainless steel 68274 on a Precision dial, ie not COSC certified. Seems like 1987-88 are transitional years where Rolex started COSC certification - probably a transition piece?

2) Bracelet is stamped/dated "P1". This would refer to 1991? Seems like a replacement bracelet as this is newer than the watch, Circa 1987-1988. Could this be a replacement bracelet? Did I get these dates right or am I missing something here?