1. We have this issue all the time. SM states that there is no PTR, but there is or is says there is PTR, but there is not.
2. IP Bypass is only used to ignore X IP and check the next one in the message hop. IE if you have emails coming in from a gateway and you want to check the actual sender, not the gateway.
You would whitelist the IP under security => whitelist for SMTP. Then under antispam, enable disable spam filtering on SMTP whitelisted IP addresses.