Here's a cool trick I did with some of the tapes a client sent. I don't have a wow/flutter meter so I recorded the test tones into my workstation. The top tracing is a test tone from an MRL tape and the bottom test tone shows the flutter from the client's tape! If you wanted to, you can count the "ridges" to determine at what freq. the flutter is. This determined that the tape was recorded from a less than optimal machine.
Bruce,
Are you sure that it is wow/flutter? Although I can be wrong, as I do not know the frequency of the test signal and can not figure the scales in your picture, it looks more like scrape flutter than wow and flutter. This type of effect also shows in machines having Revox/Studer heads needing relaping.