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We aren't talking about exotic alloys here, e.g. modern 18k vs vintage 14k. The question is specifically about 14k and 18k gold used by Rolex, 35 years ago. I think it's reasonable to assume that 18k is softer, and mechanical parts will show slightly more wear, e.g. bracelet stretch. However, if the watch was worn regularly, any two-tone bracelet will likely be badly stretched after 35 years.
The issue of color is trickier. For example, once you start adjusting the alloy composition to achieve a desired hue (e.g. various rose gold tints), all bets are off, and I think it's unlikely someone could distinguish 14k from 18k by eye.
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