Work in progress:
This is my vision which luckily looks fine for me. (This is how it looks on my Huawei Watch 2 where icons are positioned based on real buttons.)
Long presses are better on the outermost circle since there is more room and the space will be cramped on watches like LG Sport. (All agree, right?
Now I need the rework the timeout progress bar but I'm not sure which way to go. One idea is to make it as wide as the outmost circle, another idea is to make it "pie chart" like inside the inner circle...
Done & pushed.