Short answer
Suitable circuits can probably be constructed within a research project; but they have no practical value for doing computations in the Monster. If you have a circuit for $a$ and a circuit for $b$, then you have to concatenate them to compute $ab$. Reducing the size of the concatenated circuit for computing $ab$ is not easier than the general word shortening problem in the Monster. An educated guess based on some run times on my computer is that such a circuit might have $10^{9 \pm 1}$ gates; but I'm not expert on that subject.
Some background
The objects on which the smallest permutation representation of the Monster acts are usually called $2A$ involutions. In mmgroup I can represent an element of the Monster with $255$ bits, and a $2A$ involution with $91$ bits. The latter representation is not yet fully functional. Downsizing these representations to the minimum possible bit length of $180$ or $67$ bits, respectively, would be a formidable research project. Here one has to enumerate the cosets of several subgroups of a group of structure $2^{1+24}.Co_1$, which is a subgroup of $M$. This could be done e.g. by using a combination of mmgroup and MAGMA. Using this information one might be able to implement C programs for computing in $M$ and for transforming a $2A$ involution with an element of $M$, where $2A$ involutions and elements of $M$ are compressed as much as possible. If such a C program is deterministic, primitive recursive, and not too weird, then conversion to a circuit is essentially a technical problem.
Speeding up computation in the Monster
If the intention of the OP is to speed up computation in the Monster, I recommend to proceed as follows.
Study existing implementations of the Monster group and try to improve them.
Port the implementation to a vector extension of a 64 bit CPU (such as AVX 512 for x86 or NEON for ARM), or to a graphics card. Here on may use tools like OpenCL or CUDA.
Disclaimer:
I'm the author of the mmgroup package.