I like your watch design - as for the private key - put an encrypted pk on the watch - like BIP38 and then you don't have to cover it or worry if it is stolen - they would still need the passphrase you have in your head. (of course back that up somewhere at home)
on a side note, I am looking to get some rings like what you have pictured in the near future to do some laser work on

good idea with the passphrase.
i will dm you where you can find the ring. Can I send you a design for engraving?
