My grandfather's watch

[dontfeartheringo]

Hello, all.
I have just joined the forum. Christmas came and went and brought with it the gift of my grandfather's watch. I have attached a photo below.

It was given to my grandfather by a business partner in the early '60s. He wore it every day until he passed from this world. My father then wore it every day until the clasp became unreliable. He got an estimate of $1700 for a replacement band, got irritated with that and put a nearly identical Seiko band on it and wore that every day until the action became somewhat unreliable, then he placed it in a safety deposit box until a few days ago. Now it is mine.

You can see that the crystal needs to be replaced. I have the original band with the unreliable clasp. I'd like to get it serviced but am a little leery of what Rolex would charge me to do it and also am not entirely interested in their promise to restore it to factory condition, as I like the patina on the face and the wear on the body. I think it's more interesting that way.

I would like to get it restored to full functionality, perhaps fix the clasp, and wear it every day.

I am, though, of modest means, by no one's estimation would I be mistaken for wealthy. What would you propose as the most cost-effective way to get this watch up to speed and ready to be on my wrist every day? I live in the Southeast, though I travel for work.

I look forward to your input.