UPDATE - I trimmed the tabs and got them flush with the outside diameter of the battery. Un-soldered the connector from the bad battery and soldered it on the new battery. Charged for just 6 hours and I've been rocking my MBW-100 for about a week with 75% charge left!

The battery I got didn't come with the insulating clear tape, so I just used normal packing tape to insulate each side.
If you have a dead watch, it is _definitely_ worth it to to spend 30 minutes DIY-ing a replacement battery.
I took some pics with my iPhone, so if anyone wants to see what I did, let me know and I'll upload them for you all.
Woo! working MBW-100 battery replacement!!!