Upgrade went well!
I have an Omate TrueSmart, North America version, with 1GB RAM and 8GB. Received it in very early 2014.
I followed the instructions exactly. Took me a bit of time to track down MTK Droid Tools since an executable wasn't in the linked "MTK All Tools Suite" package (maybe my Microsoft Security Essentials quarantined it?). Only real hiccup during the installation was that SP Flash Tool gave me a "Checksum failed" error shortly after connecting to the device. It did three readback passes, and at the end of the third it returned that message. It kept occurring no matter what I tried, so instead I did "Format all + Download" instead of "Firmware upgrade" and everything went great after that.
Lokifish's YouTube video was helpful too, and very succinct (thank you!).
I too see the NVRAM entry in the wifi screen, but it doesn't bother me at all. Had to manually put back my IMEI, but again, not a big deal.
Big thanks to everyone who helped contribute to making this happen. I really do like the watch except for a few admittedly minor quirks (biggest perhaps being lack of iOS notifications, but that's on Omate, not the guys here).

Thank you!