We investigate the extremal values of partial traces of matrix tensors under operator norm constraints. To evaluate these multi-linear quantities, we develop a comprehensive graphical formalism that encodes multi-leg partial traces, partial permutations, and their moments using colored directed graphs. With this graphical framework, we establish optimal, sharp bounds for the partial trace $(\mathrm{Tr}_{σ_1} \otimes \ldots \otimes \mathrm{Tr}_{σ_k})(A_1, \ldots, A_m)$ over matrices bounded by $\|A_i\| \le 1$. Specifically, we prove that this maximum evaluates exactly to $N^{M(σ_1,\ldots,σ_k)}$, where $N$ is the dimension and $M$ represents the maximal number of directed cycles in the associated graph across all possible internal vertex pairings. We further derive explicit operator norm estimates for matrices generated by partial traces of partial permutations. Finally, we apply these combinatorial bounds to multi-matrix random matrix theory. By examining models involving Ginibre ensembles, we extend concepts of asymptotic freeness to matrix coefficient algebras, establishing operator norm estimates that rigorously separate the asymptotic behavior of non-crossing and crossing pairings.