Dear Bob,
your conclusion is based on the three patents given on the base plate registered in the name of IWC. You state IWC could use these patents exclusively.
However, the owner of a patent can grant licenses to third parties. And IWC did so as is proven by bills for royalties.
Furthermore, for the period 1890 onwards the production of IWC and its calibres is very well documented. The base plated depicted as well as the top plates don't belong to an IWC calibre of the period 1890 through 1930.
In earlier times IWC bought ebauches from third parties and marketed them as IWC or sold such ebauches to jobbers especially in the UK, who in turn marketed such ebauches as private label watches. But such ebauches were sold only in periods prior to the period you defined. As well these ebauches not produced, but only traded by IWC were fullplates alike the Waltham 1857.
So it is more than unlikely, not to say it can be excluded your movement is an IWC product. It is much more plausible, that this is an anonymous ebauche, using patents outlicensed by IWC.