Yes, you could conceivably get rid of ovpncmgr.exe altogether. There are two critical things it does:
1) start the TAP adapters if needed. This needs to be done once, so you could run it once and then exit it. This has to do with code signing and applies to all WM5 and up devices.
2) stop any running vpn. this would otherwise be tricky, since openvpn.exe doesn't have any visible presence to kill it.
For item 1, you can run ovpncmgr.exe once, and then exit it. Preferably around startup time.
For item 2, there is a non-documented tool:
http://www.ovpnppc.ziggurat29.com/files/ovpnend.exe
This will signal a named event specified on it's command line, and then exit. The default is 'openvpn_exit_1' (without quotes). If you start openvpn.exe with the '--service openvpn_exit_1' command line parameter, then running ovpnend.exe will cause the vpn to terminate any connections and exit.
Conceivably, a similar tool too could be produced to start the TAP adapters, thereby avoiding the need for running ovpncmgr at all.
As for command line parameters sent to openvpn.exe, there are several. Keep in mind all these parameters can be specified in the config file instead, thereby simplifying your work (then you only have to provide the config file name to the openvpn.exe).
--config - to specify the config file
--service - to specify the exit named event used by 'signal stop all'
--log - for logging
--management - for the management connection that provides fancy status info, but also for password dialogs.
--conmgr - this is a pocketpc only option for dealing with windows connection manager. it is documented in the sample.ovpn file. hopefully you will never need it.
Also, note that if your various key files are encrypted (i.e. require a password) you will have some trouble unless you write a more full gui (since you can't provide the password dialog, and you won't have a means of sending it). This is typically done via the management interface.