I always thought that white/black Sea Wolf with blaze orange chapter ring was encased in 722 946 case with Bakelite bezel.
And was sure that one in 722916 with metal bezel is Frankenstein.
Like this one: http://www.vintagezodiacs.com/zforums/index.php/topic,3028.0.html (http://www.vintagezodiacs.com/zforums/index.php/topic,3028.0.html)
But too many of them around to think it would be some sort of transition model.
At least now on eBay I can see several of them. With patina on orange paint in bezel markers. Which indicates it was painted many decades ago.
Thoughts?
I think they were the pre-acrylic bezel models and were official. Like you, I have seen too many of them over the years.
I have always wanted to find a copy of the catalog between the '66 and '71 I have. I think it would answer a lot of these types of questions.