Hi Scott,
It is a little ambiguous and I would want to know what they are trying to enforce or prevent to be sure. BUT, the safest way, and I have done a lot of car building and racing in my youth, is to contact the Chief Technical Inspection Officer of the club or sanctioning body. I have dealt with the SCTA Chief a couple of years back and he was very patient and accommodating.
Not sure what type of racing you have in mind, but they are usually nice guys. More often than not Engineers who all have a penchant for accuracy and detail. It's a curse!!
Given the mass of work that will go into putting the pedals where they will go AND the even greater mass of work to move them if they are incorrectly positioned, that would be the best bet.
I mention my involvement in racing, not to show off, but to assure you I have made costly assumptions when reading rules and now
always check.
Having said all that, this is what I think it means...
The new position could be anywhere on the perimeter of the blue circle. That perimeter is 75mm radial to the original position.