I've read
catalog descriptions of Magentius suggesting that he wanted to distance himself from the arrogant
Constans who'd he just overthrown, and so perhaps
his initial rejection of the diadem
had more to do with that, and being more in keeping with
his own simple background as a soldier. It's also notable that he initially rejected Constantine's DN title and reverted to the older
IMP CAES instead, which might also be seen as rejecting the regality of office and instead claiming power through
military prowess, as would more endear him to
his troops.
Later coins of
Magnentius, such as this
Liberator Reipvblicae medallion from
Coin Archives, certainly show no sign of modesty, and if
Magnentius craved the diadem but
had initially rejected it out of false political modesty, then he presumably could have adopted it after such pretensions
had been left behind.
It might also be argued that Magentius's adoption of the Constantinian
Labarum (along with the
biblical Alpha and Omega which
Constans had briefly introduced) again points against modesty as the reason for
his rejecting other trapping of
Constantine such as the diadem and DN - he seemed to see himself as a
Constantine replacement/successor, just with a different
style of office.
Ben