Apple - How can I set a different scrolling direction for mouse and trackpad in Lion?

Scrollreverser (free app) actually supports configuring the scrolling direction for each kind of device separately.

No

Currently in Lion the preference for reverse scrolling sets the direction for both mice and trackpads.

If you want to switch directions quickly you might look into Scrollreverser which puts the option in the menubar.

Posting this as a separate answer based on a recommendation.

As of version 1.9.3 BetterTouchTool now supports inversing the scroll direction only for normal mice. It works with Sierra. BetterTouchTool is not free but it is very reasonably priced.

I have noticed the scroll sensitivity is not what I expect when I use BetterTouchTool to reverse mouse scroll direction, so I personally prefer SteerMouse (mentioned in my other answer to this question). To be more specific, for some reason with Better Touch Tool mouse scrolling I have to scroll more than a few "clicks" for it to recognize that I have started scrolling, which means I can't easily scroll a small amount.