The potential is there for water resistance. Some of the reps have decent gaskets and seals. As stated previously the quality control determines if it is water resistant or not.
This from Watcheden, did some mods to it.
Opened up the lug holes to accept 2mm spring bars. Hole in the bracelet had to be drilled as well. Reduced the height of the factory crystal.
It really is annoying when something is shipped with defects, the seller should be held responsible if the packaging was insufficient. In this case the difference between you and the seller is $10, I would just go for it.