So let me try to paraphrase what you've written crash, correct me if I'm wrong (you know you want to :-).
1. If you're in the punt to win money take win bets.
2. If you're trying to cut your losses take a place component.
3. The more nervous (less confident) you are the higher the proportion of the place bet.

To me, and I'm sure I and others have said it before, win bets and place bets are two entirely different animals. You make your selections to place win bets or you make them to make place bets, and you make the selections differently depending whether you are targeting win or place bets. Each way bets in any proportion are for people who are just playing or who would like to bet to win but either lack the ability, confidence or bottle to go for broke.

KV