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Many quartz movements are very cheap, to the point of not worth overhauling the movement. It is a lot quicker (and cheap) to simply replace the whole movement. Once the movement is replaced with a new one, I found that the old movement is excellent to be stripped down as a practice for a beginner like me :)

I used a hand held blow pump and rodico mostly since I didn't want to mess with a movement that can be purchased here for about $20 and is still available (I found I have a spare in my quartz movement drawer). It is working perfectly so the fix was mostly cosmetic. Not too glamorous but the picture doesn't make justice to the actual looks of the watch. I should make a correction to the above post since the movement is a 7N43 not a PC21 but I was fixing another watch at the time and got mixed up while writing this thread.

It's a very, very nice watch! My friend's one has a problem with the crown - it doesn't start the chronograph. I had to open the back case and push the lever directly. And it worked! And I mean that watch doesn't eveN know what an overhaul is! Beautiful movement. It was the first time I was so close to a chronograph movement, imagine the emotional impact. Hopefully I will get to be confident enough to open, clean, oil and put back together one of those! It's an Everest on my list! I am a little envious ( :) ) of you to have received such a beautiful and rare piece of history! He must be a very close friend of yours, your older friend. Enjoy it! p.s. And tell your friend that if he has other similar beautiful watches to be taken care of, we are here to help!

+1 for diamond sharpening plates. I have a couple and they are indispensable. They will not give you a polished mirror finish but to be fair you do not need this with your tweezers IMO. When polishing you should make sure the edges of the tweezers are square and not curved inwards as this will increase the chances of parts flying away from you. The diamond plates make this task very simple. http://www.eternaltools.com/stones-sharpeners/eze-lap-diamond-credit-card-sharpeners

I believe that for starters it would be OK to use toothpicks (pegwood is customary but maybe this time we can look the other way :) ) and carefully peg every jewel before cleaning. Inspect them and determine if they are not cracked or chipped. Maybe after cleaning and lubing the problem goes away...or it may need a part replacement?

Alternatively, you can use speedy-fit but it is a more expensive solution.