You may have already seen this:
https://modifiedmitsubishi.com.au/viewtopic.php?t=38633
It aligns closely with your own thoughts, so no real surprises there.
As suggested in the above thread, if the scrutineers/officials don't look too closely at it, you might get away with fitting a 3.8 litre 6g75 380 engine.
It would be cheaper and easier than trying to extract power gains from a 6g74.
Engine number and rocker covers aside(and leaving off the plastic engine cover with "3.8LV6" emblasoned on it), the external differences between a 6g74 and a 6g75 are quite minimal once the engine is installed and replacing the coil packs(6g75) with a distributor triggered ignition as per a 6g74.
At club level many years ago, I did not get involved very much with "dirt" speedway(so mainly the "conventional" paved circuits), although I did compete in and was ranked 49th out of 500 competitors in the Nastrak "Star Search" NASCAR events held at Bob Jane's Thunderdome aka Calder Park Raceway in 1990.
This was much more closely aligned with conventional circuit racing than was "dirt track" racing.
Understandably, there would not be much love for the Magna in speedway events due to the front wheel drive(FWD) configuration.
For that reason, there is not much discussion about this on the www.