A 1974 Timex no less. I have a little blue dial petite from 1974
April 6 1974 Swedish pop group ABBA's song Waterloo wins the 1974 Eurovision Song Contest in Brighton, England, UK.
August 8 1974 - U.S. President Richard Nixon announces his resignation on August 8, effective at noon on August 9.
From the little I know about Franklin mint is from the 'collectors coins' they sell.
Usually for very high prices, but they have very little resell value, the same is probably the case for their watches, but either way with the amount of rust showing for what it would be worth I'm not sure it would be worth fixing.
Although a quick search did turn up that Franklin mint did make some gold cased watches so it is probably worth a look at the case atleast to see if its solid gold or just plated.
If solid it should have a hallmark somewhere.