Neat watch. We have encountered two others like it in the past, dated 1951 and 1953. Yours makes a 3 year run, so it appears to be a legit model. Both of these are currently listed as unknowns. Still looking
https://www.mybulova.com/watches/1953-unknown-7266
https://www.mybulova.com/watches/1951-unknown-5381?page=1
Heirloom watches are the best! It would appear to be a Beau Brummel, as another BB advertised in the relative same time frame was "diamond/ruby" with simulated rubies and "white stones" with the same style face
https://www.mybulova.com/watches/1951-beau-brummel-9495
That one was in a case like the Squadron; Yours is in a case like a Franklin of the same period. This is pure speculation, but perhaps more than one of the first Beau Brummels were in previously released cases.
I am going to say unknown for now, pending further investigation and input from other panel members.