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I spoke to Rolex UK and they told me they would service and repair watches that were manufactured going back to the 1950's
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Mine is 1957 and they wont touch that....could be due to the damage to the inside of the case though. Rolex will however give you the names of watchmakers who can service or repair vintage models. Tylden Reed and Chris Heal are two of the best.
Mine has a cal.1035 and parts for that are really scarce now. Mr Reed will make a new part if the job requires it but this can prove costly.
I guess it depends on how much you love the watch!
J