The case is certainly restorable. It could use a new crystal but they all can from back then.
Here's a secret: women's watches are cheap. Particularly small women's watches. Go surf eBay for the favorite unattainable brand of your choice, hand-wound, women's watch, go from lowest price. I see nine Rolexes for under $200.
And when you're dumping estate jewelry, you take what you can get. So when that JLC goes for $7 (plus $10 shipping!) yeah you're mad but it's one thing out of a thousand you're unloading.
But yeah I'm pretty tickled.