I am the OP and I really appreciate everyone's comments. Since you all confirmed my own suspicions, I advised IWC to cancel the overhaul request.
I was very hesitant to "throw
money down the drain" on this nice-looking watch. I assume it has hardly any (zero?) potential to increase in value.
If I were
to spend $1300+ to overhaul this watch, I doubt that I could ever recover that amount
dollar for dollar should I ever sell it.
FYI, I cannot (could never) see any
warping/distortion claimed by IWC to exist.
(but I have old eyes to begin with
and I am not a watch repairer to know what to look for).
Anyway, 7 seconds is good enough for me, so I will be curious to see how the watch runs and for how long.
Thanks again for the valuable feedback.
Ron