After a little sleep and more reading here's what I've come up with:

We've both over looked the fact that the Magnus Moment acts on the Center of Pressure and not the center of gravity. I'm still standing pat on the fact that you don't have a 15 mph perpendicular flowfield but rather a 2000+ mph flowfield that is nearly parallel to the bullet path. As the bullet yaws in respect to the flowfield the Magnus Moment grows in magnitude and changes the yaw because it is acting on the CPM rather than the CG. And to quote another site(http://www.nennstiel-ruprecht.de/bullfly/fig11.htm), "However, the gyroscopic effect also applies for the Magnus moment and the bullet’s axis will be shifted into the direction of the moment. Thus, as far as the conditions of the figure above are valid, the Magnus moment will have a stabilizing effect as it tends to decrease the angle of yaw d." If the CPM is rearward of the CG then the MM will have a destabilizing effect because it will actually increase yaw, eventually causing the bullet to tumble.

Simply put, in the face of the actual flowfield, the Magnus Moment direction is constantly changing in response to yaw and hence is a very important factor in bullet stabilization. So, at no time will Magnus effect lift the entire bullet unless the CPM is behind the CG and the yaw approaches 90 degrees (the point where the MM is at it's greatest magnitude) but at this point the bullet is tumbling out of control and it's time to consider using a new bullet design. Even then the MM is still acting on the CPM and will probably just continue to spin the bullet around the CG in a plane perpendicular to the axis of symmetry.