i think increasing the max zoom out would be most beneficial even if only by a factor of 1.25. There have been times when I was being chased for that final blow keeping just ahead of my opponent and the only reason that I got caught was either because it took me too long to move the screen to click away and my champ stopped moving, or because my champ ran in circles in the forest because i tried to use the mini map
Though making it easier to observe, chase, run, and use some skill shots and AoEs a further zoom also makes targeted attacks more difficult as the target is now smaller. Miss-clicks would be more frequent, balancing out other potential benefits. This could also add another dimension of skill to the game: knowing when to zoom in and when to zoom out, which would be a welcome challenge to experienced players, but maybe just one more thing for newcomers to worry about.