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you're supposed to remove the regular pci slot bracket anyway, so it shouldn't matter ?
the card has to be 150mm MAX.
All the I350-T4 cards have the same size more or less a few mm.
i bought this one :
https://www.ebay.com/itm/403069477084
all PCBs are almost identical
length
Yes i have one with a I350-T4
two different things though.
the slot cover have no importance, since you remove it, and use the one from/designed for Lenovo.
when it comes to the physical size, seems @shdf already answered your question, there's usually a reference design, sizes will not differ much.
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they're seldom/never stated in the auctions (ebay), it's a parameter you can't control,
and probably shouldn't care about.
if you're worried, get it from a seller accepting returns.
you shouldn't be worried about anything, as i told you the size is more or less the same for all I350-T4 cards. they will all fit inside the lenovo.
The chipset is I350, same driver for all cards.
not a lot of air between those ports, and the back of the NIC 
and if anyone want a 2x SFP+ card, the supermicro AOC-STGN-I2S is the one to go. the V2 is shorter but the V1 also fit in the case :
All you need to know about those Lenovo M720q/M920q Tiny PC can be found here :
The 1st page summarizes the whole topic.
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@anon22604728 i bought a few days ago a 4x RTL8125B NIC :
https://www.aliexpress.com/item/1005004084695541.html
i'll receive it in a few days, it's even smaller than the I350 and has 2.5Gbps ports. i'll do some test to see if it worth it against the I350 for home use.
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you can keep the wifi card, but it's almost useless (from my point of view). You can only use the 2.4Ghz for the wifi, as it's an intel chip, the 5Ghz radio will not work. Better use an external AP, unless the 2.4Ghz is enough for you but with 1 antena it's not a great wifi...
i have both the 65w and the 135w adapter. the 65w is enough, i think the 135w is necessary when you use the grafic card. up to now i didn't have any problem using the default 65w adapter so i guess it should be enough.
yes. With the I350 cards there are rooms left on the back, so they should all fit in the case with no problem.
yes, but as you can see on the PCB, it will work as a PCIE x8, even if the slot is x16.
no, you can buy the baffle elsewhere, but on superbuy it seems to be less expansive. there is also someone on reddit that prints it with a 3D printer, and he sell it for $9.
i bought mine on Ebay for 23€ 
brackets are available separately for $5 + shipping. Threaded inserts are installed and hardware for cards to attach to bracket are included.
you just have to ask him for a I350-T4 Baffle for Lenovo M720Q.
You're over thinking this ...
The baffle is available on US eBay packaged with the PCIe riser, search for the Lenovo SKUs.
This baffle is not really necessary, it's purely aesthetic. the card doesn't really need it to be in place. for less than $10 it's ok...but if you're a little cheap you can forget it
The I340-T4 is a Pcie x4 card, so it will fit in all Pcie x16, x8 and x4 slots. Don't worry about that !!! 
it doesn't need to be secured, look like everything is calculated to keep the card in place.
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price is not a good indicator. otherwise they would sell them all for $100 
i read that counterfeit cards doesn't have the DELTA embossed in the chips.
Here is mine, i bought it 30€
counterfeit cards have DELTA printed on the chips, not embossed :
but most of time it's hard to see on the sellers pictures, they could also use photos of genuine cards and send you counterfeit cards...
there are mPCIe/NGFF card supporting AC/AX in openwrt, you just need to get the right one.