The placement of the insignia on the lapels is correct for the time period at least from 1956 to 1971.
My reference is US Army Uniforms of the Cold War 1948 - 1973 by Shelby Stanton. The book has a number of photos showing the insignia that way, as well as a line drawing from the uniform regulation of 1962.
Per Stanton's book, the women's uniforms underwent significant redesign with the 1956 Uniform Board.
The examples that were provided by Cobrahistorian are of WWII / Korea era uniforms, which did indeed feature two sets of US and branch insignia.
If I recall correctly the lapels on the the 1956 model dress uniforms were narrower and did not work well proportionately with a second row of insignia.
For the life of me I could not remember how women wore insignia on their uniforms when I was in during the late 1970's.
However, it does appear we have gone full circle on this. The 2005 edition of AR 670-1, page 74 shows the current women's officer's dress uniform with two sets of insignia.
http://www.apd.army.mil/pdffiles/r670_1.pdf