4-strokes are better than glow 2-strokes on heat and therefore smoke. Gassers are better than both of course.
A .52 doesn't produce much exhaust volume, so the smoke volume will also be fairly low. You can get a thin trail out of it, but you won't get the big, highly visible clouds.
There are several companies that make smoke setups, I think Slimeline makes smoke setups for smaller engines.
mikeboyd is right about the muffler fitting. I doubtl you'll find something specifically for the Mag .52, but if you do some research, you can probibly find something that will fit or can be modified to fit. It does't hurt to actually contact the muffler manufacturers and ask them directly.
Since I have an OS 4-banger in the same class, I got curious.
http://www.slimlineproducts.com/onli...ke_exhaust.htm
Model number 4003S is a pitts style smoke muffler for an OS .51. That one might fit, or be made to fit, check with slimline for more details.