As for the title of M-S-G-Y-E-C, I think it was written in runes, like the first two lines of White Night Illusion (the Atelier Iris 1 opening theme), and analyzing these runes and their meanings, I think this is a possible translation of it:
M S G Y E C
Mannaz Sowilo Geofu Yeraz Ehwaz Kenaz
Man Sun Gift Spring Power Inspiration
The Men Receive from the Sun the Gift of the Season
of Spring, the Gift of Power, and the Gift of Inspiration.