Sorry for coming late to the party. Just recovering from a recent unexpected health issue!!!!
For me my initial understanding of a Frankenwatch especially relating to the Rolex brand was a watch which was all genuine on the outside but powered by a cheaper mechanism!!!! One of the reasons which the Tudor was more of the cheaper version of the big sister Rolex.,
I first heard the term some 20 plus years ago, when there were many genuine Rolex 36mm cases with original dials being sold at some of the watch fares and were sold between $150 and $400 depending on condition and rarity. My understanding is that they were being sold as the original movements were used in either the more expensive submariners or in the aftermarket solid gold models made in the far East. Andy Tolley from Timeman got me a few good deals!!!!
I myself bought a 1601 and a 1500 with original dials for approximately $350 together. I used a couple of eta 2783 movements where I had a jeweler drill a couple of holes in the base plate so that they could take up the same dial feet from the Singer dials in the event I ever came across the original 1570 movement. The date wheel was a bit of a turn off but I lightly glued a small date window frame which came off a Seiko, but hid the crime scene. It did the trick and had it until I sold them both for just over double the price to someone begging me for them. I declared them for what they were but most people wouldn't even know what a Rolex is, let alone be able to distinguish if the crown guards are right or the crystal is too high etc. Some of the young blond dorky women working at most of the AD have no idea of what they are selling. I know this for a fact!!!!! This is a very esoteric interest and even I after many years enjoying this hobby have difficulties with some of the models unless I over analyze them.
I once owned a genuine 1680 and a genuine 16030 and were bought relatively cheap, but when the service prices and the market went mad, I thought of putting them away and selling them later for better money, but spend as little as possible and buy a good quality replicas of them made of the same ingredients but baked by a different chef. In the end it is the demand which drives the market and for me I know I am wearing a replica and prefer to spend as little as possible as nobody in the profession will work on them anyway when they stuff up. If you cannot get the genuine case, then a star supply case either in 18k or stainless steel with a genuine movement for me is as good as if not better than some of the rotted and worn out genuines being sold on ebay!!! Each to their own as to what makes them tick. As for me, I still treasure my very first replica from Paul at Aspire which is my Seiko disguised as a Rolex and I know this and accept it for what it is. Believe it or not I get more attention from strangers asking me about them than I ever did from when I was wearing the real pieces!!!! Pick the bones out of that one!!! LOL!!!