The silicone valves will stiffen some in time. They do start out fairly soft, depending on just which RTV sealant you used.
Rebound tends to be relatively quick on Mag style forks, quicker than on a modern fork. You should hear the noise of oil flowing thru the ports on rebound.
You can adjust rebound speed by changing the oil weight. 7.5W (or 50/50 mix of same brand 5W and 10W) might do just the trick to slow your rebound. Beware, however, that if the rebound is too slow, the fork will "pack down" over rapid stutter bumps. Stock oil recommendation for the Mag 10 was 8wt ATF (automatic transmission fluid). 5wt would have a more rapid rebound. 10wt might feel slow, especially for lighter riders, running lower pressures.
What do you weigh? 45psi would be appropriate for someone in the 200#, typically. When I weighed 165#, I used 41psi. Today, at 225, it's 52psi.
Raising the oil height would allow you to run less pressure and yet still resist bottoming. Try it closer to 45mm from the top of the leg, fully compressed.
Here's a tuning guide, from this site:
http://www.retrobike.co.uk/gallery2/v/M ... d.jpg.html
J