The basis of your entire argument works off of a lot of assumptions.
Since the molds and specs for 3rd party licensed accessory makers have been out for months, I assume the design was done and the delay from a Fall to Spring launch was due to software, battery management, etc. So my assumption is that they've had the ability to make both Link bands and Stainless Steel cases since the unveiling in Sept, they just "didn't know how many to make."
I assume they expected to sell more than one Space Black Link Watch.
I assume they are smart enough to know that they would sell at least a few thousand of each model of watch. Enough to begin production a few months before launch.
The current situation only makes sense if someone at Apple said "WHHHOOOAAAA! Let's not get to hasty about these link watches that look more like your existing TAGs, Rolexs, Omegas, etc. that will sell to people who like those watches. Let's assume ABSOLUTELY NO ONE IS GOING TO ORDER A LINK WATCH, SO LET'S NOT MAKE ENOUGH TO EVEN SHIP A SINGLE ONE FOR LAUNCH.
That person should be fired.
The ONLY thing that makes sense is that the time and effort to make the link watch makes it the model with the smallest profit margin, and therefore is their least priority for production/shipping.
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It also doesn't help that there's been a hold on my credit card since Monday for the AppleCare+ on my Space Black SS watch, looming over me, getting my hopes up.