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The performance is 'fine', as in it's in-line for similar applications. On a typical 'VR Ready' PC (Some high-end 3000/4000 series Nvidia GPU, a decently modern Ryzen 5/Core i7) the performance impact of it should be marginal. Not nothing, but not 'meaningful' if you get what I mean.
Feel free to ask questions in Discord for muchhhhhhh quicker responses, the Discussions are not regularly checked unfortunately! Steam randomly decides when to show the green notification icon and it's only me checking here. :)
Obviously I can't really say if OVR Toolkit is good or bad, I'd be highly biased, butttttttt... I will say it's 'on par with competing software in terms of performance and capability', and also I like purple/blue so the UI is a huge W for me.
Do remember you can just refund if it's not for you!
I'm afraid the clock is the base, you can add additional modules to be always visible if you need more data, but I'm afraid the clock + a module such as Media is the basics in this case.
If the watch is a bother I've seen some people put it out of sight. You can pick it up with Grip (A on Index) and move it to a better location whilst Edit Mode is active. I've seen some move it onto the arm to avoid it appearing during in normal gameplay.
When streaming VR I think it's pretty expected to see overlays, though remember if you capture the game directly then overlays are not visible to your stream! :)