Trying to find out what model this

[leevancouver]

Good morning,Im hoping someone can give me a hand here. I was given my wifes grandfathers watch as a christmas present this year and I'm trying to find out a bit more about it. I have entered the serial number that i found on the back and its given me a production date of 1954. What i would like to do is find out the model type. I can't seem to find it anywhere. Also, i want to restore this beautiful watch back to its former glory and was wondering if anyone had any tips.? It also has a fixoflex strap on it, I'm wondering if this was the original, although i doubt it, any feed back would much appreciated.`