Update: This has become a project, but I need help. All answers will now be definitions, propositions, theorems, etc. that build on the theory. I will marks some of my own answers as community wiki so that they can be improved/expanded/clarified/fixed.
I changed the tags. See below for why we added the 'operator-theory' tag.
Current Problem: Show that the endomorphins (= automorphisms) on $M$ commute. Once this is done we will be able to define multiplication (given a selected unit of measure).
Now of course you can always throw up your hands, going back and constructing the real numbers with multiplication, but that is cheating. Perhaps something can be found in Tarski's work; I haven't looked at it but if someone has access his logic might work here.
It might be necessary to develop extensive techniques from real analysis, or maybe even create the theory of topological spaces. We are searching for the honed blend of algebra and analysis that can make for an elegant exposition.
My work - I went right for defining multiplication, and that might be the best route. But my proof is sketchy.
Here is the question: Prove the following
Theorem: Any two automorphisms of $M$ commute.
This can be deduced from logic using only the properties of $M$, but how much ancillary mathematical machinery do you have to build up to prove it?
In my work I also started looking at employing Dini's theorem, but gave up. And of course the composition of automorphisms, with a selected unit of measure, corresponds to finding the area of a rectangle, and the area doesn't change when we rotate it.
I also observed with a chosen $1 \in M$, if $\phi$ and $\psi$ are two automorphisms, the same is true of $p\phi + q\psi$, for positive integers $p$ and $q$. Now if $\Delta$ is any automorphism not equal to the identity, it is either an dilation or contraction. It, along with its inverse $\Delta^{-1}$, generates a commutative 'module' $\mathcal U$ that can be identified with a 'dense' commutative subalgebra $U$ of $(M,1,+)$, so intuitively, we can 'approximate' any two automorphisms with two commuting automorphisms.
Due to the above paragraph, I added in the operator theory tag. If any experts in this area think that is not appropriate, they can remove it.
The punch line of course is that the automorphism group of $M$ is isomorphic to $\mathbb R$.
Definition: Let $M$ be a set with a binary operation $+$ satisfying the following properties:
P-0: The operation $+: M \times M \to M$ is both associative and commutative.
P-1: $\text{For every } x,y,z \in M \text{, if } z + x = z + y \, \text{ then } \, x = y$.
P-2: $\text{For every } x,y,z \in M \text{, if } z = x + y \, \text{ then } \, z \ne x$.
P-3: $\text{For every } x,y \in M \text{, if } x \ne y \, \text{ then } \, [\exists u \; | \, x = y +u] \text{ or } [\exists u \; | \, y = x +u]$.
P-4: $\text{For every } x \in M \; \exists \, y,z \in M \, \text{ such that } \; x = y + z$.
P-5:
$\text{For all } X, Y \subsetneq M$
$\quad \text{such that } (\forall x \in X) \; (\forall y \in Y) \; (\exists u \in M) \; y = x + u$
$\exists \, z \in M \text{ such that }$
$\quad \forall x \in X \; \; [\,x = z \text{ or } (\exists u \in M \text{ such that } x + u = z)\,]$
$\quad \text{and}$
$\quad \forall y \in Y \; \; [\,y = z \text{ or } (\exists u \in M \text{ such that } z + u = y)\,]$
Then $(M,+)$ is said to be a system of magnitudes and must also be non-empty.
Theorem: Let $(M,+)$ and $(N,+)$ be two systems of magnitudes and pick any element $m \in M$ and any $n \in N$. Then there exist a unique morphism $\gamma: M \to N$ such that $m \mapsto n$.
Moreover, this mapping $\gamma$ must also be an isomorphism.
Before sketching out my ideas, realize that the above is a translation of the work in logic
Tarski's axiomatization of the reals
to the semigroup of magnitudes. Interestingly, the last words in that wikipedia article are
$\quad$... has its origins in Eudoxus' definition of magnitude.
Work Sketch
By taking $X,Y \subset M$ to both be empty sets, $\text{P-5}$ implies that $M$ is non-empty. Intuitively, selecting any point in $M$ then becomes an 'act' of selecting the unit of measure on an abstract line of points.
I also proved the following result ($s \lt t$ means $s + u = t$):
Proposition: If $x,y \in M$ there exists a $n \in \mathbb N$ with $n \gt 0$ such that $nx \gt y$.
Proof
Let $A = \{nx \, |\, n \gt 0 \}$. Assume that $y$ is an upper bound for $A$. Using $\text{P-5}$ the least upper bound $\alpha$ must exist for $A$. Since $x \lt \alpha$, we can write $x + u = \alpha$ and so $u \lt \alpha$. Since $u$ can't be an upper bound, for some $m$, $u \lt mx$. Adding $x$ to both sides of the inequality and using the The Law of Monotonicity, we get $x + u \lt (m+1)x$. But $x + u$ is $\alpha$ and we get a contradiction. $\quad \blacksquare$
This proof is an adaption of Theorem 1.20-(a) found in Walter Rudin's Principles of Mathematical Analysis, $\,3^{rd}$ Edition.
So $M$ satisfies the Archimedean property. Contrast this with known theory on linearly ordered groups,
Otto Hölder showed that every Archimedean group (a bi-ordered group satisfying an Archimedean property) is isomorphic to a subgroup of the additive group of real numbers.
The rest of my work is a matter of showing that once a 'unit of measure is chosen', we get an imbedding of $\{\frac{m}{2^n}\}$ into $M$ and, using $\text{P-5}$, everything 'comes for the ride', as far as proving the $\gamma$ isomorphism.
While working on this project I asked five related (at least to me) questions:
Algebraically Constructing the Natural Numbers Using a Binary Operation Satisfying Some Properties
Automorphisms on $(\mathbb R, +)$ and the Axiom of Choice
Is it Useful Knowing that Automorphisms on (R>0,+) Are Always Continuous?
Examples of Commutative Semigroups Where the Cardinality of the Carrier Set is Greater Than c.
In a fifth question I asked for counterexamples showing that the properties for $M$ don't always lead to $\mathbb R^{\gt 0}$. It served us well allowing us to 'stress test' the theory of magnitudes, but I deleted it since the 'action' is now here.
Also, I would like to thank @JohnHughes who helped me remove syntax error and 'brush up' the formulation of the properties. Also, @M.Nestor's offline work showed that, indeed, we can only get $\mathbb R^{\gt 0}$. He also asked a question viewing this theory from another angle: