raybo,
Have you ever read the Four Quarters of Horse Investing by Steve Fierro? I think that trying to assign a "fair" oddsline to more than four or five horses is just folly. If you read his book you will understand what I mean. I'm not trying to diminish what you're attempting, but I think that fair odds becomes nearly impossible to do with any accuracy once the projected win probabilities fall below a certain percentage.
Good luck
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