sky - I have the same watch! It is sitting in a jewelry box...I believe I got it for my 10th anniversary (the first 10th anniversary - I had my 2nd 10th anniversary to the 2nd husband last October!), which would have been in 1984. I never even thought of doing something with it - it did get overhauled about 20 years ago, so may only need a battery.
Speaking of watches...I have an Ebel Beluga that was acting up - it kept stopping, I would re-set it, it would run for a while, and then stop again. It finally stopped for good - had a new battery put in but that didn't do it. So...brought it into my jeweler, and they gave me 2 options - they could send it to Ebel, or to a Ebel-licensed repair place in California (which would probably be a bit less expensive) for an estimate...so I had it sent to California. (I think I posted this story) Anyway...it came in at $500...and after thinking about it and finding out that Ebel still makes the watch (retails over $4500) I went for it. Got it back in June - 1 year warranty - whole thing overhauled.
Well...it stopped again 3 weeks ago - I took it back in and it was sent back to California. Picked it up yesterday - working fine. This morning I went to put it on at 6:40 before leaving for work - it had stopped at 6:20. Called again. It ran the whole time it was in California - they went through everything before sending it back. It ran from Friday when I was called until this morning.
I can have it sent back...or they will refund me the money and send it to Ebel, which will probably be more. I think I will go with the Ebel option - opinions are welcome!