Will this kill my 904 ?

Msd 2 step is rev limiter. Have a look at an msd power grid. I believe it can work with a magneto. You program in a timing curve that retards the timing at the hit which kills the torque to soften the hit, then ramp the timing back in whenever you want. It is fully adjustable. Works with any ignition system. You need a computer to program it. All those two step boxes etc are included if you want to use them, in the power grid, but I think the ability to adjust your timing curve would help your issue.
I'll check into it but this is only the second time Ive ever heard of a Power Grid. Kinda seems I'm out of ouch!