I guess one thing that helps Mildura and is obviously a major issue for Geelong is overspill from adjacent areas.
There is very little of it into Mildura and a lot of it into Geelong from Melbourne.
Yes, 1341 would have been good for a 3rd commercial licence.
The ACMA did consider allocating 96.3 as a 3rd commercial licence in the early 2000s, but it ended up being a community licence.