Reverse the input and output of a Mealy machine
That's not possible in general. The classical Mealy machine definition requires the Mealy machine to accept infinite-length input strings and produce infinite-length output strings while reading the input. You can't reverse an infinite-length input string and can't reverse an infinite-length output stream, since there is no last letter in the unreversed string that you could put as first letter in the reversed string.

So for your question to make sense, you would first need to change the definition to allow the Mealy machine to have missing successors for some state/input combination, so that an input word ends at a well-defined position. Then, you would need to assume that the automaton eventually has a missing transition for every possible input word. This excludes all cycles in the automaton.

If we have this, then there is only a finite number of different input strings. If $M'$ is actually well-defined, then it is possible to build such a Mealy machine. But $M'$ may not be well-defined. For example if $M(\textit{abcd}) = \textit{efgh}$ and $M(\textit{cd}) = \textit{he}$, then we have $M'(\textit{dcba})=\textit{hgfe}$ and $M'(\textit{dc}) = \textit{eh}$. By the definition of Mealy machine, this also means however that $M'(\textit{d})=\textit{h}$ and $M'(\textit{d}) = \textit{e}$, which is a contradiction.