Even though it is a complete gen just not assembled by IWC the issue would be the serial numbers of the case and movement. As said above IWC keep records of the serial numbers so the genstien will have none matching serials. It would also depend how the parts are sourced as to where or if the serials are recorded by IWC.
As you have said I would take to a local watchsmith, going to IWC risks all sorts of potential problems.
The pin that engages to keep the clasp closed on one of the curved in sections. The opposite side to this pin on the rep has back end of the pin where it is fixed, the gen is completely polished with no signs of how the pin is fixed.
They can also come with black centres on the chrono hands and silver on the main chrono. Not sure of the dates when these came in but can be seen on the last of the line 3717 models.
One other thing on the bracelet that will give it away is the locking pin fixing on the inside is visible on the rep but not on the gen. Not something you would see when wearing it though.
Quailty wise, well.........
I think it might be quicker if buying all the parts at once or maybe I just got lucky. The main parts, case set, dial, hands and movement I suspect are easier to source. I have heard that day/date wheels are harder to get individually rather than with a complete movement.
I think you are right, the Omega method requires tighter tolerances and repeatability. High end watches are fine pieces of engineering, goes some way to the difference in cost!
Or do your own assembling and a full genstein is less than half the cost of cheap used and getting close to a quarter of new.
Also lead time in the order of weeks!
I have bought just the rep strap from Puretime but just recently picked up a gen off ebay for a good price. The rep strap is good but the gen is much better.
The quaility of the alligator skin is very good on mine, better than a lot I have seen in pictures that are cheaper.
The padding on mine is slightly different to a gen, as it was shown in the pictures, but it cetainly looks high class on my 3717.
As they say you get what you pay for, usually anyway!
Got a Peterstraps on my 3717 and it is great quality, lovely gator pattern. Waiting for a alligator strap from the watchboys for my spitfire so I'll if they live up to peoples comments.
I haven't done it myself but if you put a shim/ring to space out the case you will loose the ratchet spring. From what I've seen the ratchet on the rep is close to the crystal and on the outer edge of the the gen bezel. The only way I can see is to use the insert only without some major machining to the rep case. To actually use the gen bezel you would have to machine a groove in the case and fit a new ratchet spring. Also the shim would need a grove to take the retaining spring.
Some pics to explain (not mine)-
Rep case and bezel
Gen Bezel
I've got a 7" wrist and the 45 is just right for me, fischyyy's comments are spot on regarding size and movement, it comes down to personal choice.
Square edges on the 42 and curved on the 45. When you mention the raised numbers this is only on the new liquid metal version not the standard ones shown in the links.
The A21J is the lower cost low beat movement, these reps are usually not quite as close overall to the gen as the 2824 eta or asian.
Another point is the ones in the link are the original UPOs with 'happy feet' on the logo but the numbers are more accurate with the little 'ticks' on the ends. The latest UPOs don't have the happy feet but the numbers are not as accurate. Both are hard to see unless you look very close at the dial and know what you are looking for!
I suggest you have a read through (if you haven't) the various reviews on the rep sites as there is loads of very good info and advice.
Hope that helps
Last time I looked on cousins the Sellita movements were not available but they do sell gen ETA and Chinese 2824s, I think about £80 inc. vat for the Chinese. Search under movement size (25.6mm for the 2824).
I would check first that the hand pin sizes are the same.