I think it might be fair to say that the M and the Vp were stamped in two seperate operations, perhaps at different times. I'm basing that assumption on the fact that sometimes the M and Vp are side by side.........or said another way.......timed the same on the barrel. Sometimes one stamp is rotated around the barrel from where the other one is. That would, or might imply, that they were stamped at different times. It would seem to me that once the barrel was placed in/on whatever held it while it was stamped, that if they were both stamped at that time, that they would be indexed the same. I would think that the procedure to magnetically particle test the barrel might be done prior to assembly, and the Vp would be stamped after assembly........after the barrel was proof fired. (the Vp being the stamp for "verified proof")
I did a search on Vp and came up with this picture, which I believe is from an olf American Rifleman. My google foo and computer skills are lacking, so the discription under the pic didn;t come though, but it stated the gentlemans name in the pic, and stated that he was stamping Vp on these 1911's. Could have been done differently by the 60's, or not.
Edit........see, no computer foo. The excerpt did come though.