I think you already have your solution! Use the BizFormItemEvents.Insert.Before, and from there you should be able to grab your e.Item.GetValue("MySVGField")
and processes it, then simply set it to empty afterwards (e.Item.SetValue("MySVGField", null)
)
If you are looking to be able to send/processes this without even having the database table, that may get a little trickier. Fields without Database representation don't make it to the event logs, you would need to potentially us a Field Without Database representation and use a custom Online Form Control so you could Validate the form, get the SVG value from the control, then submit the form, and processes your SVG after in the webpart code.