Yes! Wear it if you happy with it. But be a little bit careful, these old watches probably are not water resistant (anymore) and so it could get damaged if you wear it in the rain. Maybe a service should be considered.

There are better ways for high risk „investment“ (in other places itˋs called gambling)……if I wanˋt to have a high risk of loosing my money with little chance of winning the bank I go to a high class casino (with my watch on my wrist btw), drink champagne and play roulette. I am sure that there are really good ways to use NFTs, but not for watches or art.

Maybe a nice Nomos or Mühle Glashütte.

If this is not for you then I personally would go for Grand Seiko. Omega and Rolex and Tudor and … are great watches but for my taste much to „common“ - if watches with this price tag could described as common at all.

How about a Mühle Panova?

https://www.muehle-glashuette.de/kollektion/panova

At first I would not think so much about it: If you want to wear it you should do it! Fashion rules are there to know them and to - sometimes - break them if they don‘t suit you.

If you wan‘t to meet in the middle: why not a bracelet out of white gold?

Just in case you have not thought about it: depending on the country you are living in this might be illegal. Even with dementia a person has the right not to be tracked if he or she is not under legal support by a caregiver.

This aside: Maybe the Alzheimer‘s Association(https://www.alz.org/help-support/caregiving/safety/technology-101) can give you valuable advise of which trackers work best.

As someone how change his Apple Watch for a machanical watch and loves his mechanical watch: Yes watches in general and mechanical watches in particular are obsolet beside the aspect of jewellery. They are as obsolet as typewriters or tube television or film photography.

A smartphone or a smartwatch or really any other digital gear does it better. Yes you can use your fantasy and imagine some horror scenarios like nuclear blast or week long power failure but thats not reality: in reality these devices work properly and for the most part you have them in your pocket and use them everyday - so you take all real risks (like hacking or fishing or…) already.

So if you look from a logical point of view there is no place for watches - and don´t argument with the speed or convenienvce: How often do you NEED to know the exact time a day? These 2 or 3 minutes a day make your work not less stressful. And convenience is just an other word for habit.

The emotional point is different…if you want a mechanical watch then by all means buy and use one. But don´t try to justify it with pseudological arguments like it could be a heirloom, the reason “I want to have it” should be enough. You heirs will be much happier if you had the smartwatch and -phone of your dreams than inheriting a 50 something years old watch that they can´t use because the last watchmaker who could service it retiered years ago.