Trouble is... I like the size of the older Seiko 5 watches. I don't know that San Martin, or any of the other usual suspects, AliX or otherwise, are doing much under 40mm or certainly not under 38mm. Best I could dig up was a 36mm DateJust and OP homages, from AgeGirl, which I'm told will actually arrive as R-brand fakes.They're already not a good value proposition anymore. Only a few left (here in Europe at least) that you can still get new for under ~$100. Mainly the SNK80X ones. Most other new-ish 7S26 Seiko 5s are now in the £120-150 realm. I'd go Orient. Or the Chinese have much better offerings now, you lose the 'Seiko' badge but you can get a San Martin that's 3x the quality.
I do like those new 40mm 5s (and I'm pretty sure lug width is 20mm), but I think at the moment, I might be on the lookout to buy a few of the older SNKL / SNKL, etc. style watches.