Welp, this one has me stumped. Its got a 10 K rolled gold plate bezel with a stainless back. It's marked Bulova New York. It has a 49 date code. The movement also has a 49 date code. Picked it up for a nice price on eBay. It's reasonably clean and it runs.
Cool watch, Tom. I like it. The case matches the Sponsor, but the face does not. Face appears to match the Playboy, but that is a guess. Ad and cited watches are all 1948. It's a possibility the face changed in 1949, but that is pure speculation.
Based on the unusual case and limited references, I would be inclined to call this one a
1949 Sponsor, noting possible face swap and replaced seconds hand.
Good call on the replacement dial. I would have never noticed that.
FWIW it's possible the entire movement is a replacement. The jewel count is the same but the the Sponsors in the database are 10BH movements. This one is 10BC. Its a small sample size but I think its worth noting.
Thanks.