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Providing you purchase one that looks like it has been looked after and also comes with some collets to get you going. Then if you like it and enjoy you can always sell it on & upgrade to a better machine. Also I recommend a book Model Engineer's Lathe by Donald De Carle. Lots of useful info on the subject

if the rotor tries to spin when you try to wind it manually then the reversors are shot. Did you check the pivots for the reduction wheel and driving wheel (autowind)? If jewelled they can chip. Anil

If I'm not mistaken the rotor is one piece and its quite difficult to source. Some older rolexes have a wire over the hairspring. this can deform and touch the hairspring, affecting timing. Sometines its removed altogether. Some info found here. http://www.superlativetime.com/identification-of-rolex-calibres Anil

I look forward to progress reports..................and photos!

Thanks Daz, I can't find any info on it at all. I can't find any technical info on the movement regarding servicing either, and I don't have the knowledge to know what I should use and where to use it. Do you have any links to info on this watch? Noirrac1j, thank you for the warm welcome. With this watch I may be leaving it to experienced hands - I love it that much, I'd hate to pull off a beginner mistake on it. Maybe if I had technical/servicing info to follow and more experience I'd do it myself. For now though, I have fixed the problem with the magnetised hairspring on my practice Seiko 5 7009A movement. The satisfaction from that alone was great! Now it is running correctly, it's time to completely dismantle it and practice lubrication. Even though this is probably way more complicated than the Smiths cal 512 movement - At least I have a lot of reference info to follow. Interestingly, a light rotation on the balance wheel made it start ticking. So it actually mechanically works. It stopped shortly after, it looked a little lazy too while it ran. This is leading me to believe that it's just in need of a full clean and re-oiling. You're right, it's a ticker alright! :)