I don't see the advantage of doing that at all seriously. If you like the idea of creating a bracelet, then buy 2 bracelets and do just that, and you can wear that semi-permanently.
For a watch, what happens if it stops, or needs a service or regulation or be set on months with 30 days instead of 31? Yes you can do it with the watch on your wrist of course.
I don't know about you, but or me a watch is meant to be put on, taken off at will, and admired both on and off the wrist (though the latter is mostly for gens).
Maybe you wish to explain a little bit more on what you are trying to achieve by doing that.