I don't think that 2) really captures the objection the way I read it. It seems that on margin, there are much more cost effective ways of engaging math olympiad participants, and that the content distributed could be much more directly EA/AI related at lower cost than distributing 2000 pages of hard copy HPMoR.
I'd like to challenge the downside estimate re: HPMoR distribution funding.
I think that funding this project comes with potentially significant PR and reputational risk, especially considering the goals for the fund. It seems like it might be a much better fit for the Meta fund, rather than for the fund that aims to: "support organizations that work on improving long-term outcomes for humanity".