Consider checking out other smaller shops that have mutual funds, maybe they would share their experiences in 40 act vs. sma. jensx, sshfx, fmiox, ivwax, dascx are just a few funds off the top of my head that might be worth researching. Some are older some are newer, but all of them (I think) seem to be boutique-type places with just a few strategies at most.
You won’t be able to put it on marketing materials, but you’ll be able to share composite performance with home offices and advisors on an ad hoc basis. Remember, until you get distribution no one will be able to buy it anyway. You should contact product managers at Schwab and Fidelity to learn about their requirements.