As someone on a PHRF board, I can say that they are correct in taking the SPL and multiplying by 1.8 to get the SMG per PHRF rules.
Yes, the benefit to having a ODR (One Design Rating) can be beneficial when it comes to certain class rules.
If you want to race open PHRF, then you can get a larger spinnaker. Not only can the girth be bigger, but the luff can be longer also (the real benefit).
Be aware, you have a gift right now as it is. U20's sail with a 141 PHRF ODR here and still win just about every race on Lake Norman.