Note the absence of the "Constellation" ...
Mine is painted ...If that's simply a painted red background, and not a shiny (enamel?), raised red area in which the Omega symbol is integral, then I'd guess it's a redial. It looks painted in the photo, but hard to tell with certainty.
You have it right, Craig. Here's a link to one of Desmond's (mondodec's) excellent articles:I can't recall the specifics, but at some point wasn't Omega not allowed to use the word "Constellation" on watches for sale in certain countries? I thought that was in the 50s, though.