How can I set a different scrolling direction for mouse and trackpad in Lion?
Solution 1:
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.
Solution 2:
Scrollreverser (free app) actually supports configuring the scrolling direction for each kind of device separately.
Solution 3:
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.
Solution 4:
Another (paid) option is SteerMouse. Years ago I bought SteerMouse and haven't had any problems with it. It has worked perfectly for me on Mavericks, Yosemite, El Capitan, and now Sierra.
Sierra Update: Version 5 of SteerMouse is needed for Sierra support, but it is working fine. (From what I have read here, ScrollReverser is having some issues with Sierra.)
Solution 5:
Adding one more answer for a newer product I just came across, namely Mos (source code here). I have not used this one personally, but I have seen it mentioned. It is free.