I did a bit of snooping on my own prior to coming here. The watch in question is a GP gyromatic that was purchased in 1952 by my grandmother to give to my grandfather as a wedding present. It is 17 jewels, with e movement they made from 50-54 IIRC. It has an expansion bracelet that I am assuming is not stock. It still runs if you handle it, but I am trying not to as that seems like a bad idea. The watch itself looks like it is in pretty bad shape. I do not have the proper tools to take the back off and I am somewhat afraid to do so.
Looking around it seems like this might take a lot to restore, and even then I am not sure if I would wear it, it is VERY small (31mm IIRC). I am a 24 y/o and while I do pretty well the $$ spent on this might just be spent on a new watch, which is something I also want.
Another question would be to where to do with it. I contacted the GP store in Manhattan (I work in Manhattan so my options are pretty good), and they said mail it to Switzerland (hell no); so I would like to hear anyone ideas of a reputable place in NYC to bring the watch to at least get an estimate. Following is a crappy pic to give you an idea of condition: