It's definitely early, as you concluded.
Everything about the wrench, including all the markings, is
perfectly consistent with other examples of the early 10-12 double-enders. You can see photos of a few on our Diamond thread, the Alloy Artifacts site, and probably various marketplaces. They are uncommon, but they are not unicorns.
Everything except the shape, of course. I have never seen an "S" wrench version. With my curiosity piqued, I searched the digital library on Google Books for a good hour this morning, uncovering all kinds of ads and notices in 1920s trade mags. None of them show or describe "S" wrenches.
I have to admit my first inclination is the same as 3bay's. I have seen all kinds of wrenches bent into odd shapes for special uses cases by previous owners without distorting forged-in markings. Prime examples are regular double-box end wrenches bent into half-moon or starter and manifold wrenches.
In its favor, though, are the bends themselves. If someone did it in a shop, they did it with an ample amount of professional proficiency. Mabe it's original production and just very rare with no documentation.
Hopefully you won't be put off by the skepticism. This is what we do around here. We ooh and ahh with a healthy dose of objectivity.
I am tagging
@Fred Knox for his opinion. He owns a near-complete collection of Diamond double-enders, including an early 10-12.
Either way, it's a terrific find!