No, in/hg doesn't work like that, anything below 29.92 in/hg is vacuum, more or less.
But I can verify that an extra 12 lb/sq.inch is insane, I believe that your specs have a misunderstanding in them and they confuse "normal" boost with extra boost. Normally the full boost pressure on a Spitfire Mk I was +6.25 lb/sq.inch, emergency power being originally +9 lb/sq.inch and later +12 lb/sq.inch so the actual increase was 5.75 lb/sq.inch at most - around 11.7 hg/in, certainly believable.
Those example figures I originally used weren't taken from a Spitfire, to clarify a bit. If my calculations are anywhere near what they should be I'd say that 42.25 in/hg roughly equals 6.25 lb/sq.inch and the full emergency boost would result in around 54 in/hg. They actually match the difference in the previous paragraph so I must have got something right.
The emergency_boost_gain_offset controls the critical altitude of the emergency boost. It enables tricks such as what I did with the Bf 109G series by Nigel for which I made the flight model tweaks. There are some models with GM-1 injection that in real life retained full power to great altitudes - I used zero boost offset but a lot of boost gain offset and got emergency power that did absolutely nothing below the supercharger critical altitude but raised boost back to low altitude figures when used at high altitudes. It was a work around that did exactly what I wanted it to and so did the other one. Particularly the G-10 and K-4 models use MW50 injection that gives extra power below critical altitude but does nothing above, setting the boost gain offset to zero nailed it. Extra boost fades off when climbing to critical altitude and engaging the injection doesn't change a thing above it.
Yep, I've done this a bit too much...