My opinion is that the 16710 with a P serial would be more of a collector's watch. If you're lucky, it would come with SEL (solid endlinks) and a little more modern than the hollow ones. Whichever it is, it would have more value as a complete set. Not sure what the market price is now, but generally, without papers should be more cheaper than a complete set.
If you're buying because you like the watch and not for a collection or resale, then being incomplete means you can bargain for a lower price. You can then spend a bit of money and have it serviced at ROLEX Service Center and it will come back with a 2 year warranty and a card to certify it is genuine. You should be able to make special requests during service if there are items you do not wish to change to keep it original or not to polish the case.