In addition to the terms "franken" and "mod," you should also include "custom." There are a number of forum members that like to create custom watches with authentic Omega parts. I tend to think of custom as an "eye of the beholder" type modification that one does to a watch for their primary enjoyment and could be reverted back to original spec for resale.
For example, I customized my 2254.50 with a new dial, a new seconds hand and a new bezel. It now bears some resemblance to a PO and uses all Omega parts. Why did I do this? Because I've owned a PO and it was always a little bit thick and heavy to be comfortable on my wrist, yet I really enjoyed its features that had a bit more sparkle to them. The 2254.50 has a thinner case and lighter weight which sits perfectly on my wrist, yet its more simple aesthetics make it a bit more rugged/tool looking than the PO's bling/jewelry look. I wanted the best of both worlds, so I created this watch. I've been wearing it almost non-stop for a month and I'm still loving it.
If I ever decided to sell it, I still have the original parts from the 2254.50 and it could be reverted.
Regards,
Eric
For example, I customized my 2254.50 with a new dial, a new seconds hand and a new bezel. It now bears some resemblance to a PO and uses all Omega parts. Why did I do this? Because I've owned a PO and it was always a little bit thick and heavy to be comfortable on my wrist, yet I really enjoyed its features that had a bit more sparkle to them. The 2254.50 has a thinner case and lighter weight which sits perfectly on my wrist, yet its more simple aesthetics make it a bit more rugged/tool looking than the PO's bling/jewelry look. I wanted the best of both worlds, so I created this watch. I've been wearing it almost non-stop for a month and I'm still loving it.

If I ever decided to sell it, I still have the original parts from the 2254.50 and it could be reverted.
Regards,
Eric