To read that data, most likely you will need the actual development tool used to create the magic folder application.
B/c of the kind of file it is, most likey it only holds folder attributes that Magic Folders uses to do whatever it does.
Im pretty sure that the file doesn't hold content information, but if it does, the only way to read it, is having the dev tool. so you are safe. As for hiding folder software, you might want to ask
Warez, hes the expert around here.
As for your last comments, This place is pretty active. you will most likely get EXTREMELY fast response times. Some of us have nothing better to do. : )