This is a very rough sketch/mockup (ignore the lopsided "u"). I've already noticed some issues. The "Provarinati" and "lumen sees totus" need to switch places to maximize the space available. Otherwise, the eye will have to be smaller than it needs to be.
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I think we might have to lose the triangle if it's going to fit the hole in the eye and still leave room for lettering. And I do think switching the two is a great idea. Great mockup!