Notation
$(G,\cdot_G)$ is a group with composition (or product) $\cdot_G$. The group of automorphisms of a vector space, let us say $V$, is denoted by $(\operatorname{Aut}(V),\circ)$, where $\circ$ is the composition of automorphisms.
The representations are defined in the OP; we use the following notation
$$\rho_1: (G,\cdot_G)\rightarrow (\operatorname{Aut}(V),\circ),$$
$$\rho_2:(G,\cdot_G)\rightarrow (\operatorname{Aut}(W),\circ).$$
We just recall that given any representation $\rho: (G,\cdot_G)\rightarrow (\operatorname{Aut}(T),\circ)$ we have
$$\rho(g_1\cdot_G g_2)=\rho(g_1)\circ\rho(g_2)$$
for all $g_1,g_2\in G$.
$$ \rho_\oplus:(G,\cdot_G)\rightarrow (\operatorname{Aut}(V\oplus W),\circ)$$
is given by $\rho_\oplus:=\rho_1\oplus\rho_2$, i.e.
$$\rho_\oplus(g)(v\oplus w)=\rho_1(g)(v)\oplus\rho_2(g)(w)\in V\oplus W$$ for all $v \in V$, $w\in W$ and $g\in G$.
By definition, it follows that $\rho_\oplus(g_1\cdot_G g_2)=\rho_\oplus(g_1)\circ\rho_\oplus(g_2)$ and $\rho_\oplus(g^{-1})=\rho^{-1}_\oplus(g)$. This makes $\rho_\oplus$ a group homomorphism. Let us prove the first one as example. The first equation is proven by
$$(\rho_\oplus(g_1\cdot_G g_2))(v\oplus w)=(\text{def. of}~\rho_\oplus)=
\rho_1(g_1\cdot_G g_2)(v)\oplus\rho_2(g_1\cdot_G g_2)(w)=(\text{def. of representations:})=
\rho_1(g_1)(\rho_1(g_2)(v))\oplus\rho_2(g_1)(\rho_2(g_2)(w))=
(\rho_\oplus(g_1)\circ\rho_\oplus(g_2))(v\oplus w);$$
the last equality follows from the definition of composition $\circ$ in $\operatorname{Aut}(V\oplus W)$. In fact:
$$(\rho_\oplus(g_1)\circ\rho_\oplus(g_2))(v\oplus w):=
\rho_\oplus(g_1)(\rho_\oplus(g_2)(v\oplus w))=(\text{def. of}~\rho_\oplus)=
\rho_\oplus(g_1)(\underbrace{\rho_1(g_2)(v)}_{\in V}\oplus \underbrace{\rho_2(g_2)(w)}_{\in W})=(\text{again def. of}~\rho_\oplus)=\\
\underbrace{\rho_1(g_1)(\rho_1(g_2)(v))}_{\in V}\oplus \underbrace{\rho_2(g_1)(\rho_2(g_2)(w))}_{\in W},$$
as wished.
$$ \rho_\otimes:(G,\cdot_G)\rightarrow (\operatorname{Aut}(V\otimes W),\circ)$$
is given by $\rho_\otimes:=\rho_1\otimes\rho_2$, i.e.
$$\rho_\otimes(g)(v\otimes w)=\rho_1(g)(v)\otimes\rho_2(g)(w)\in V\otimes W$$ for all $v \in V$, $w\in W$ and $g\in G$.
By definition, it follows that $\rho_\otimes(g_1\cdot_G g_2)=\rho_\otimes(g_1)\circ\rho_\otimes(g_2)$ and $\rho_\otimes(g^{-1})=\rho^{-1}_\otimes(g)$. This makes $\rho_\otimes$ a group homomorphism. The relations are proven in a similar way to the one used in the direct sum case.
Best Answer
Let $\chi$, $\phi$ and $\psi$ be irreducible characters of a finite group $G$. Then $\chi$ appears $d_\chi$ many times in $\chi_{reg}$, so $$ \langle \chi\phi,\psi\rangle\leq \frac{1}{d_\chi}\langle \chi_{reg}\phi,\psi\rangle=\frac{1}{d_\chi}\langle d_\phi\chi_{reg},\psi\rangle=\frac{d_\psi d_\phi}{d_\chi}.$$
So now set $\phi=\pi$ in your situation, and choose $\chi$ and $\phi$ to be $\rho_1$ and $\rho_2^*$, chosen so that $\chi(1)\geq \phi(1)$. Then the inner product is at most $d_\pi$ (and can only reach $d_\pi$ if $\chi(1)=\phi(1)$, as it happens).