After some digging into the MongoEngine source, I decided to try using the parameter __raw__for the method update(). Using this, I was able to use the field operator $min(a far-fetched, working example):
attribs.objects(name='Mag')[0].update(__raw__={'$min': {'min_value': 4.9}})
This updates the value min_valueif the value 4.9 is <current value min_value.
FWIW, 863 ggoup MongoEngine
$min $max.