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Yeah, you can't just normalize any set of ratings directly and expect them to mean anything (beyond their rankings, which remain the same). You need something like CJ's ad-hoc method, tailor-made for horse racing, or for a more generalized method of turning a single rating on an unknown scale to a probability, use logistic regression. (Which should be easy enough in Excel -- aren't you a spreadsheet guru, Raybo?)
We had a long discussion about this once, probably in the thread that CJ originally posted his method. (I posted something similar which involved rescaling the range to something that would normalize better, and then normalizing.)
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