While I do not know whether it is or not, can the person who answers this question also explain how you can tell?
Here's an article: http://www.numismaster.com/ta/numis/Article.jsp?ArticleId=26572. As far as I have heard, the inversion is only on one side, and one the note I posted, the 'W' does not look identical on both sides. It could be that one side is heavier on the ink. I don't know.
No, this isn't the invert. The 'W' has slanted sides; the 'M' has vertical sides. On your note, both prefixes are 'W' with slanted sides; one is just inked a bit more heavily than the other.
Sadly no, but don't give up hope. I was actually looking for the inverted W 1957 at the time I found it. I had recently read the article of the 1935F inverted M discovery note, and spotted this in a lot on eBay. Had I not known about the possibility of an inverted M, I wouldn't have even looked twice. The eBay image was blurry, but the serial number was close enough to the other one known that I pulled the trigger on the lot. This was my note: Here's the lot image I picked it out from: There are now 3 known, and all 3 fall into this range: W715 60001I - W715 80000I (http://www.uspapermoney.info/survey/invm.html) That's not to say other ranges weren't affected, but chances are pretty good it's confined to this range. The 1957 $1 inverted W is more widespread. Here's the image from the 3rd note discovered (not mine - courtesy of Numbers): I'm not sure about how the 1st note was found. I believe Jess Lipka found it, per an article on numismaster.