Looks like you can get like half a mile north or south (based off some crude eyeballing) & be out of the easterly-directed exclusion zone. I have no clue how that compares to where people can be on land to watch, how far up rt 4 people are allowed. It seems like it might be a good option.
Also the launch should pivot & head out more your-a-way too, which could be cool.
The green areas are the closest you can get by boat. Which is basically just as close as viewing from South Padre Island. You might have a slightly less obstructed or crowded view from a boat versus parking and standing with everyone else on South Padre.
Boats in the exclusion zone can and have caused launches to scrub. I can't speak as to whether you will face legal consequences, but there may not be a launch to watch if you violate the safety perimeter.
Also the launch should pivot & head out more your-a-way too, which could be cool.