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Preheat grill to high.
Mash butter in a small bowl with the back of a spoon until soft and creamy. Stir in 2 teaspoons oil until combined. Add chives (or shallot), capers, 1 teaspoon marjoram (or oregano), 1/2 teaspoon lemon zest, lemon juice, 1/2 teaspoon salt and 1/4 teaspoon pepper. Cover and place in the freezer to chill.
Combine the remaining 1 teaspoon oil, 2 teaspoons marjoram (or oregano), 1/2 teaspoon lemon zest, 1/4 teaspoon salt and pepper, rosemary and minced garlic in a small bowl. Rub on both sides of steak. Rub both sides of bread with the halved garlic clove; discard the garlic.
Grill the steak 3 to 5 minutes per side for medium-rare. Grill the bread until toasted, 30 seconds to 1 minute per side. Divide watercress among 4 plates. Place 1 toast on each serving of watercress and top with steak. Spread the herb butter on top of the steaks and let rest for 5 minutes before serving.