The lip would need to be on the right side of the foot, wouldn't it?
The 1/4-inch feet I have seen typically just end at 1/4" or have a marking at the 1/4" point (something you could do yourself with a Sharpie or nail polish on a wide foot). I've tried both of these types and found they were not sufficiently accurate for me.
What I do instead is place a strip of thick moleskin on the base of my machine so I can butt fabric up against it. I put this on straight by first using one of my rulers underneath the presser foot, lowering the machine needle by hand so it is at a scant 1/4", lowering the presser foot, making sure the ruler is aligned straight from front-to-back, and then placing the moleskin by butting it up against the ruler.
(Moleskin can be found in the foot care section of a pharmacy. It comes with a paper-covered adhesive on one side. I prefer the extra-thick moleskin to regular; gives more height.)