Gas masks, surgical equipment, and BDSM gear are never a waste of money. Also, I'm at the unfortunate point in my life where there is nothing I can buy that will bring me any happiness, so I can't really relate. Buy the watch and savor the feeling while you can. Clock is ticking on that shit. Pun not intended.
If you're going to spend all that money on something you're accidentally going to smack against a wall, after a few weeks, you might as well spring for the extra coverage.