Unless you know that it has been properly cleaned and oiled within the last few years, you should have the watch serviced before running it very much. You can see a brief catalog description of the 16-size grade, along with a picture (whose large and small winding wheels are in the reverse position because an open-face movement is shown) and where it fits in Waltham's line of 16-size movements, on pages W4 & W3 (both below) of the Oskamp-Nolting Co. This was a popular movement of which over 24,000 of this variation were made (including the lever-set version). It was built in about 1918, give or take a year or so. Checking the references listed in the Waltham Watches Encyclopedia article (and looking at your pictures), Waltham movement serial number 22,067,737 can be seen to be Please excuse me if I repeat some of what you already know, it's easier for me this way. To add to the good information you may have found elsewhere
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