Another observation is that this issue only occurs when you're using any type of GPU accelerated timeline playback (CUDA or Open GL).
If you turn that off and use software rendering playback the mask displays correctly in an anamorphic sequence, so the issue actaully appears to be realted to the GPU acceleration side of things.
This is also backed up by the fact that this happens on both identical spec PC or a completely different one, but still supports GPU acceleration.
Just to let anyone know who has come across this issue, now that I have been in further dialogue with Adobe support they have identified this as a bug and have passed this onto their engineers to hopefully push out a fix in the next PP update.
Prior to this they had asked me to try this out on a Mac install of PP 15.4, which I did and I confirmed that whenver GPU (Metal) acceleration was used for timeline playback then the mask distortion would occur on anamorphic sequences just like it does on PCs using CUDA or Open GL and work correctly when using the software playback for the same sequence.
Apparently Adobe support did a similar test in conjunction with me and confrmed the same at their end so at least they have the ability to recreate the problem and subsequently verify any fix will work prior to pushing an update (hopefully!) 🙂