Yeah, today I woke up earlier than usual for some reason, so I've dusted off the M50 and tested the dumper

Guess what: the EOS R has some Canon Basic scripts in the firmware, pretty much the same ones as on the M50, so it's definitely worth trying.
If it works, it may provide a way to execute code on newer cameras cameras without hardware hacks, and without us having to break the encryption. Which hopefully keeps us safe(r) from the DMCA as well, but IANAL

That is, it might be possible to enable the boot flag directly from a Canon Basic script. At least, the execution context looks relatively safe at first sight (outside LiveView, with GUI locked up).
I'm using a 128gb lexar card. I don't have anything smaller nor do I know how to make my card "look smaller."
You could write our QEMU card image to the card, which will shrink the filesystem to 256MB (FAT16 iirc):
Formatting a larger card at a much lower capacity (e.g. 256MB) does the trick. For example, you can write the SD image that comes with QEMU to your SD or CF card (follow this guide). This image contains the portable display test and is bootable (so, you can test it in the camera straight away).
To verify it, test the card on any other ML-enabled camera. Once that works, make the card scriptable by following CHDK instructions (EosCard or whatever), then start the camera, go to PLAY mode and press SET. At least, that's what I did on M50.
I can also prepare a scriptable card image with Canon Basic dumper, if needed.