Possible but tricky I think. Plus, once you smooth it out I am not sure how much would remain to hold it together. Besides, if it as a formable material it should keep it's shape during the adhesion process. Then, once glued in, it would be held in place.
What about even using some good old wire. Like a strand of picture wire or copper conductor. Something malleable that can be formed to the correct shape and will stay that way during adhesion. Trick is to find the right size I guess.
Great work Importr. Result looks great. Not sure I would have used fishing line myself (given the finicky nature of working with it) but it looks like it worked. Andreww may be on to a good idea about using just a few stand offs around the perimeter of the DW.
On rare occasion I use the chrono function but it is very rare. Not due to fear of damage or anything like that but more for practicality purposes. Usually I need more precision than the chrono will provide.
Tough question to answer. At the end of the day only you can say if it is worth going franken and to what extent.
I would suggest only swaping those items that really bug you. From the sounds of it this would be the bezel and dial. Get the hands lumed to match and call it a day. I would wait on the crown and tube until you have problems with it.
They key is to be cautious of how far you go. It is very easy to end up in second hand Gen cost range if you franken to far.
Best of luck and enjoy it!