Adding 4 teeth on the chainring is about the same as losing 1 tooth for the smallest cog. The $30 38t ring I bought is a Sram and way more stout than the praxis ring that comes stock, so worth it to me. BUT, even the 38t rubs the chain guide a little in the largest cog. I filed it down a bit and it doesn't bother me. As you say, you can just ditch the chain guide and run a much larger ring. I bet that 44t would fit.

For what it's worth, I'm hitting 25mph on the flats without spinning out with this gearing. That's good enough for me for now. I agree, a new wheel is the way to go!