I see what you mean, but I don't think it's practical. With a 3-part mould like that you'll have lots of potential bubble traps, difficulty in correctly registering the mould so you avoid areas that may be too thin due to compression or slight mis-registration, plus the complexity of making a 3-part mould in the first place.
You'd be better off splitting the frame following the original mould lines and make 2x2-part moulds. That way you should have better control over bubbles etc.
Second thoughts:
It is possible to make a 3-part mould in the way you've described. If you make a 2-part mould for the frame leaving the entire top of the mould open along the top of the frame making sure you build in several areas for registration at the top.
Then mould a solid plug for the inside of the frame & mag and sit it ontop of the 2 lower 1/2's. The only probelm would occur when casting as you'll need to fill the mould about 1/3 full (a wild guess.) swirl for a few seconds then drop the top 'plug' in alowing some of the resin to either overspill the top, or make a couple of vents in the top plug along where it would line up with the top of the frame.
Obviously some trimming and overspill would happpen, but as long as the moulds and plug you use are solid (at least 2cm thick), it should work.
I do a similar thing with some belt buckles.