"Suppose it is proven that in the physical universe all magnitudes are finite:"
It's not really an issue of proving it as much as observing and measuring it:
(1) there are no infinitely long magnitudes.
Not just magnitudes, but there appear to be no infinite extents, whether length, volume, time, energy: The observable universe is ~14 billion years old, there's a cosmic background beyond which we literally can't see (NASA WMAP); it's estimated that there are $10^{80}$ atoms in the universe; The most energetic particles detected are extreme energy cosmic rays at $10^{19}$ eV (AGASA), and so on. Although strangely the universe is accelerating, it is also "cooling down" - I read that the rate of star formation is only 1% of what it was when the universe was young.
(2) there are no infinitely small magnitudes.
There are Planck scales: $10^{-35}$ m, $10^{-44}$ sec, $10^{-8}$ kg, below which nature is very different than even nanoscale. That does not mean it's discrete however. There is evidence that only wavelike structures exist at this scale, but it's a controversial topic, eg Clifford's space postulates.
There's two points to be made here: one is that math helps us engineer increasingly accurate instrumentation to probe both large and small scales of the universe. The second is that as we accumulate increasingly accurate measurements, we need to develop math models that fit the measurements, fit newly discovered relationships.