Is there an entirely accurate equation yielding a sprite's SPOFS Z value and SPSCALE relative to its theoretical Z-location in a 3D space, as perceived by the player, with the system's titular 3D feature enabled?
Define the Z coordinate of your viewpoint as VZ as negative value (e.g. -64).
Like you've already known, distance to an object from your viewpoint and apparent size of an object are in inverse proportion to each other.
Therefore, you can define magnification ratio of an object with its Z coordinate as follows.
M=-VZ/(Z-VZ)
Perhaps all I need to know for scaling is the ideal distance between the player and the screen, in pixels. As for SPOFS Z, it seems to follow an exponential function of some kind.