This is the only copy like this I've ever seen. Unlike the copies that lack the "No. 1," this copy does not have stiff covers. It's more like a paperback. It contains about a third of the cartoons contained in the 'regular' 1927 Our Our Way/Non-'No. 1' version. The last cartoon is the one captioned, "Folks, meet Blossom!" which appears about a third of the way into the 'regular' Out Our Way copy, suggesting me that there may be (or at least may have been contemplated) an Out Our Way No. 2 and a No. 3, and that the 'regular' Out Our Way is a compilation of these earlier titles.
If anyone has any additional information on this volume, please drop me a line!