If you need the assistance on steep hills then the Smart Pie is definitely going to struggle with a 29" wheel unless you are unable to provide a fair amount of pedal power yourself.
Why don't you try lowering the current settings on your existing MPIII to see if it will provide the additional exercise that you are aiming for? If this is successful, you can go with the MP4 knowing that the power will be more than adequate, but can be adjusted using the Cycle Analyst to provide the required assistance at all speeds.
Another alternative would be to use a pair of Smart Pies for better weight distribution and double the power for hill climbing. If you fitted a
DPDT ON-ON-ON switch to the throttle signal wires you could easily select front, rear or both wheel drive:
Alan