You are almost there but it isn't going to work. I got one step further than you with a 6309 (same dimensions as 754x) in a NH35 case. The stem height is too different. You won't see it/know it until you try to seat the crown. It needs a spacer between the chapter ring and dial. Then you have to worry about the case back. I forgot what the magic number is but somewhere around .5mm or .8mm, something like that. If making this spacer is within your capabilities, it's just one more step. I found a watchmaker's die plate on ebay and used it to rethread the stem. The stem is the cheapest part. Seiko stems are pretty strong steel. I'm not sure the die is usable any more in that size.
I was able to fit a Ronda 515 to an NH35 case. There is a small difference in stem height but not enough to change anything. If I wanted it to be perfect, I would find a .02mm shim. I used a 2824 spacer and a wavy spring I found on aliexpress. The Chinese watchmakers are pretty resourceful. When I saw watches that came in NH35 or 2824 clone movements, I knew they had a reasonable way of adapting the movements in. I took a chance on the on the parts and seemed to have come up with the right combination.
The Ronda 515 movement is pretty decent movement and cost $10-15. Same stem height and diameter as 2824. Path of least resistance on the case you have.
I was able to fit a Ronda 515 to an NH35 case. There is a small difference in stem height but not enough to change anything. If I wanted it to be perfect, I would find a .02mm shim. I used a 2824 spacer and a wavy spring I found on aliexpress. The Chinese watchmakers are pretty resourceful. When I saw watches that came in NH35 or 2824 clone movements, I knew they had a reasonable way of adapting the movements in. I took a chance on the on the parts and seemed to have come up with the right combination.
The Ronda 515 movement is pretty decent movement and cost $10-15. Same stem height and diameter as 2824. Path of least resistance on the case you have.