There is no authoritative source as to how the gimlet was invented. Some educated guesses are that the Rose's company may have invented the gimlet recipe to popularize their sweetened lime juice product. Also there was a British Royal Navy surgeon with the last name of Gimlette who purportedly used the gimlet recipe to make lime juice more palatable for prevention of scurvy.
However the gimlet came about, today it is almost always vodka and Rose's Lime. As with many other gin drinks, vodka has supplanted gin in the modern version of the gimlet recipe. I highly advise you to try it first with gin. There is a lot more going on in the drink with the botanicals in the gin versus just the sheer alcohol of the vodka.
I have found the proportions given, if you make your own lime cordial, to be perfectly in balance. A lime flavored sweetness that is quickly balanced by the oils from the skin and the sharpness of the gin. You want to achieve adequate dilution and a very cold drink--hence the longer stirring time.
I have found a garnish to not be necessary. There is so much aroma wafting off this drink that a lime wedge seems unrequired. If you desire one it will not spoil the drink.
Sometimes this drink is served over ice in a rocks glass optionally with a squirt of soda. I prefer mine up to maintain the perfect balance between the ingredients and the cold water from dilution. But if you fancy it you may prepare this gimlet recipe on the rocks.
For a fantastic variation, try this.
Gimlet with Benefits
2 oz dry gin
1/2 oz homemade Lime Cordial
1/4 oz Batavia arrack
The preparation is the same. Please let me know what you think below in the comments. I am now a devout fan of this drink and would like to hear from fellow devotees.