Actually, this is NOT a QED model, but a QTC (Quartz Time Computer). It's also the model Telly Savalas wore in the Kojak TV series.
On the timekeeping, an error of just 1Hz in the frequency translates to about 1000 seconds, or roughly 16 minutes a year, or three seconds per day. Your watch is doing about 200 times worse than that, so the fine trimmer on the back of the module won't have the range to correct this much deviation; you'll have to use the one on the face. If you don't have a quartz monitor, it could take weeks of fiddling with that trimmer to minimize the error, and it might still not have enough range to eliminate it completely. If this was my watch, I'd look at replacing the crystal (maybe more than once, if necessary, until I found one that would adjust back to zero frequency error). But, you do NOT need to replace the module; there is fundamentally nothing wrong with it. If it wasn't for the distance involved, I would suggest you send it to me; I have a large stock of original crystals, and a very accurate quartz monitor...I'm sure I could get this well within the original accuracy spec of + or - 5 seconds/month.
Note: Somewhere down the road, this crystal will just "drop out" of oscillation, and the watch will quit working (I would guess this one is getting close to that point). Just remember, when that happens...you only need a new crystal, not a new module.