I don't like to get involved with discussions of Disney watches- I just don't know much about them. I will offer what I can.
My wife has an almost identical watch and packaging, but the bezel on hers is chrome, not blue paint (or plastic?). It has the original light blue (woven nylon?) band that is now age colored, with brass grommets for the buckle to secure. I've seen the same watch with an identical band, but pink. The printing above the "6" on the watch face says- c. W D P. The price of the watch back then was $6.95 and some examples still have the gold foil price tag on the band.
The original Cinderella watch first appeared in 1950, but my wifes watch is from 1957. That may have been old store stock at the time. It was made by U.S. Time, and the logo should be found very lightly stamped on the back of the watch, but nowhere else on the packaging. Hers has a gold cardboard insole in the slipper. There was also a round version of the box, with similar but slightly different graphics. Not sure what year.
I don't think the "slipper" package was sold much beyond 1957. In 1958, Ingersoll/U.S. Time began selling Disney character watches with ceramic or plastic figurines of the characters. Not sure, but I think the watch bands were made of colored, smooth plastic.
In the past five years or so, Disney watch values have really taken the gas pipe. I've talked to several collectors that all say the same thing, BUT, it can be a very good time to buy! The newest value guide I can find is from Tomart update from 1994... in the box $250-350. I don't know when Ted Hake published his price guide, but maybe it was before 2001 or so, when watches were still getting good prices? If there were a totally mint example offered for sale, maybe a wealthy collector would be willing to pay $620. Also, Ted runs auctions of collectibles so I would think he would have a tendency to price things high and ignore recent market down-trends to protect himself and his business. I've known Ted for many years and he is an honorable man.
I'd offer that in todays market, without the original band and worn packaging, I am guessing your watch might get $100. But like I said up front, I am not an expert on Disney watches. For a real assessment of value, keep your eye on eBay to see what people are paying. Sooner or later, you'll see one just like yours.