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I am afraid not... You can edit what the options actually do by looking in our 1492_IGC.inc file and the IGC.dat file. The syntax should be pretty obvious. However, to add new options you would have to edit my little Java program...
I could of course make the Java program add options depending on what option tags people had added to the .inc file, which would be nice, but would still be limited to changes in that file.
Seriously, I am sorry guys, but I've just not had any time to spare for the IGC. Believe me, there is a lot of work to do for EU 2; instead of nurturing a single scenario (1492), I must now oversee six.
I think you should consider the 1492 scenario in EU 2 to be the continuation of the old IGC. There are no options like in the IGC of course, but the scenario is basically IGC 2.3 with more countries.