Hoping I'm understanding what you're looking for and that this is helpful…
Schewe is dead on. Take an absurd and extreme example of a 10 foot by 1 inch face. Adding the same amount of inches to each dimension is going to make the piece less elongated. (Still very elongated, but less.)
Reading between the lines, I'm thinking something useful to you might be if you want the small dimension to be 29", so you max out our 36" wide canvas, what should the long dimension be?
In that case…..
Let's say you have a 2:3 aspect ratio image, which is what it sounds like you have.
I personally like multiples and percentages better than ratios, so I think of everything in terms of 1:X. What everyone else calls a 2:3 aspect ratio, I think of as a 1:1.5 ratio. Well, I actually ignore the whole idea of a ratio and just look at the pixel count. If it's a 3418x5127 pixel image, I know the long dimension is exactly 1.5 times the short one. This way, it really makes no difference if you wind up with a long side of a cropped image being something weird like 1.358 times the short edge - you aren't trying to figure out what ratio that is.
If you want the short dimension on the front of the canvas to be 29", you're adding 1.5" and 0.25" to each side, or a total of 3.5", bringing you to the 32.5" you calculated for the inked area of the short dimension.
To find the inked area long dimension (not face size) that fits proportionally, that would be 1.5 times 32.5, or 48.75.
From there, you'd subtract the 3.5" that is on the sides and back, arriving with a proportional long dimension on the front of the canvas being 45.25".
You asked for a formula…
ProportionalLongDimensionOfFace = (ImageLongDimension / ImageShortDimension) * (DesiredShortDimensionOfFace + 2 * (DepthOfBar + SafetyMargin))
IF you have the case of a 2:3 (or as I call it 1:1.5) photograph, and you're using 1.5" deep bars, and want a 0.25" margin, that formula reduces down to:
ProportionalLongDimensionOfFace = 1.5 * DesiredShortDimensionOfFace + 5.25
Feel free to use any unit of measurement in the (ImageLongDimension / ImageShortDimension) part -- as long as it's the same unit on both. In cases like this, I always use the pixel dimensions and ignore the ratio or document size.
As another side note, I've found it's extremely difficult to notice a small non-proportional enlargement. (Unless you have a very similar sized proportional enlargement side by side.) I'd be happy to make the face 45" or 46", and wouldn't think twice about it. In Photoshop, you can uncheck constraint proportions. Even making it 46" is a whopping 1.6% distortion (46/45.25.) I haven't found anyone noticing distortion under 5%.