Did some searching and found a bluetooth chip that does SSP Master, which is used by all the pebbles. My existing code still works, just the initial configuration of the board (which you can do through serial) is different.
SET BT PAIR *
SET BT AUTH * 0000
SET BT SSP 3 0
SET BT POWER 0 0 0
CALL b0:b4:48:9d:cc:08 1101 RFCOMM
SET CONTROL AUTOCALL 1101 5000 RFCOMM
This configures the board to connect and automatically reconnect to a watch. Power=0, gets translated to -2, which is still enough power to cover my house. Once paired with the watch and the Wixel in sleep, it's around 5ma. With the Wixel actively listening it's approx 27ma. When the Bluetooth module receives data it's 35ma. Generally you're running at 5ma, the higher numbers are for a few seconds every 5 minutes. The pebble appears to be "chatty", so you see frequent 35ma bursts, this may be an issue, but I think I can get 20 hours out of a 110 mAh battery.
I'll probably make this over the weekend:
That's the WT12 "dead bugged" on top of the Wixel. Curious to see if I can get away with that.
Allot of useful information here: http://www.keyglove.net/2011/03/24/bluegiga-wt12-bluetooth-module-connection/ , this guy also sells a development board for the WT12 which makes it breadboard friendly.