Now if this were my watch and I purchased it new...I would send it to Geneva. This requires a little bit more effort but in my own experience it is worth the wait and trouble. Your watch will return to you looking absolutely as if you bought it that day. You could be confident that it was performing to the standards that were originally required. You would need to contact them in writing and tell them that you wish to have the watch serviced by them. They will recommend that you send it to Dallas which is also an option but Geneva is better...to an extent. Nothing like the factory. They would tell you what to do from there. It would require that you send it in an they would get back to you with an estimate and then you would have to give a go ahead or no. Then it would take a few weeks. They would send it back to you fully insured. There is no need for you to go through a jeweler who might possibly mark up the repair. You can deal directly with Rolex Consumer Service either in the States or in Geneva.

There are many independent watchmakers, a few Certified by Rolex (they no longer do this even for the people who work in there foreign service centers) some of whom work on premise at Rolex dealers, that are able to do a complete overhaul on your watch. The choice is yours. As long as Rolex will service your watch, which at some point they won't because of its age (app. 30 years from date of manufacture), I would have them do it. It might save you a lot of time and trouble in the long run. If it were me and I had your particular watch I would likely send it to Geneva. Just an opinion. It is understandable that you might not want to be without your watch for that long of a period, but hey, its not running at all now anyway.

Hope this helps,