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I spent a long time reading about the "Glory Hole" still rather confused.

 

To summarize your point the theory that was always put forward as I heard it was the glory hole was there to allow the machine to etch the writing (engraving) on the caseback. So it seems if you had no hole you better add it to make it authentic. 


 But you are also adding the point of chemical etching which seems no hole would be needed. Putting all the glory hole business aside your contention of the spelling Spanish vs Italian seems to be the most damning to the FAP not to mention antimagnetic requirement.

From a few examples I took from the internet they all seem to have only on accent only on Peru and it is going towards the right side which i assume is spanish.  None seem to have an accent over AEREA with the assumption that all caps needs no accent despite the PERU being all caps.  

The second picture below show no accent.  It seems like in the Rolex camp most are Daytona and 1680.
















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