Ahhh, now you get to the crux of the question grasshopper.

The beauty of the Alpha challenge is that there are many different ways to approach the best answer. They will depend on the local conditions, the wind strength, the type of board, fin and sail and whole lot of other things I have not thought of yet.
These things I can say though with a maybe a tiny little bit of confidence:
I suspect the optimum approach if you have the conditions for it is closer to a square reach each way.
The fastest gybe will give you the best Alpha. ie: where you lose the least speed and start accelerating soonest with the least amount of downwind loss consistent with the maintaining speed part.

How to achieve that will vary a lot depending on all the things I mentioned first.

If you lose speed by pinching one way more than you have to to make the proximity circle it is most likely a disadvantage. But if you miss the proximity you don't even get a result!

Judging the best place to gybe is definitely a major skill in a fast Alpha.
Judging the best radius to gybe is also definitely a major skill in a fast Alpha.
Sorry guys, that is probably as much help as a cool drink in a snowstorm.