Not sure how much help this will be QuadGore (especially since I'm having troubles of my own) but I noticed that if I edited the values using a Hex Editor as opposed to using that magic.py, I didn't have the oval issue.
(Edit: looks like I was imagining the oval, I took a bunch of screenshots with different fix techniques and they all looked exactly alike)
My problem is the hud. What value are you guys editing to center the hud? I've tried editing the offset at 258b4d8, when I change the 35 FA 0E 3C value to ED D1 33 3C (for 3440x1440 ) this doesn't seem to do anything. I even went through the entire exe and edited all instances of 35 FA 0E 3C to change to ED D1 33 3C and other than one value that makes all planes explode as soon as the mission starts, the hud didn't move.
I'm guessing the 41 2C 00 4C 89 CB 0F 29 is what removes the black bars, which that part seems to be working ok but it's the hud centering that I can't seem to figure out.
I even did the steps posted at
http://www.wsgf.org/forums/viewtopic.php?p=176013#p176013 which seems to work ok for removing the black bars (although it makes the reticle oval but I would accept that at this point), but once the game starts the hud is still off center and I've located the value this magic.py seems to be changing, and it's the same one I've been changing above which doesn't seem to do anything.
(Edit: Resolved the problem by reinstalling to a different drive as the drive I was using was setup as a network drive. Not entirely sure why it worked, probably a permission issue, but I'm not complaining.)