Welcome aboard Oren. Don't forget that a rep is still a rep, no matter how good you try to make it. In other words, it is still a FAKE.
On the other hand, this is a great hobby, and a fun place to learn more about watches, no matter which brand you choose. You'll also have the opportunity to meet some of the most enthusiastic and knowledgeable rolex collectors.
As far as the gold rolexes go, I would only recommend buying the best, and then perhaps modifying the insert/pearl, and maybe the crown/tube.
In all honesty though, you're better off saving your money and buying a gen.