Which was the answer to Suwa's LM???
I've seen a couple of these on Philippine eBay this year. In each case, they have the 562x (KS) 28.8K bph movement inside, which is considered a Seiko "A" grade movement. The LM Special 5206 & 5216 were "B" grade, & the "base level" 5606 Suwa division LM was "C" grade.
I do know Seiko used the 562x (KS) movement in non-KS labeled watches & they were for the export market. I've not seen these (labeled as "LM Deluxe") mentioned in any official Seiko literature though (so far, anyway). But it could be that there was indeed a well defined "progression" thru the LM line from a mid-quality (C) to a fairly high-quality (A) model, in terms of the movement contained. If so [i.e. - if this model is "legit"], the use of "Deluxe" on the dial indicates a superlative outranking the "Special". Here's the link & you can decide for yourself:
The Patron Saint of Seiko Collectors