You can learn more about the existing event based windowing approach that is available now here: https://blog.wallaroolabs.com/2017/11/non-native-event-drive...
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Can you elaborate on what specifically you are referring to as "watermarking strategies" in Flink? We are familiar with Flink's use of the Chandy Lamport algorithm but I'm not sure if that is what you are referring to.
For example, you can use the bundled MaxOutOfOrdernessTimestampExtractor to emit watermarks that lag behind the maximum timestamp seen so far by some constant amount (say, 50 ms). You could customize this behaviour by implementing the required interface, to emit a watermark, say, whenever we pass an other calendar day. You can also assign strictly-ascending watermarks which you could say is equivalent to maxOutOfOrderness = 0.
You can also choose to emit watermarks based on the content of the stream (see Punctuated Watermarks https://ci.apache.org/projects/flink/flink-docs-release-1.4/...)