I think it's pretty clear that place betting following this type of horse is not a winning proposition so I'll stop updating place bets.
Results for 14 November 2009
BETS = 32
OUTLAY = $32
RETURN = $29.5 (St Fraser $28.5 Delago's Choice $1 [scratched])

PROGRESSIVE
BETS = 517
OUTLAY = $517
RETURN = $695

Lots of terrible runs, especially in NZ where I thought some of the horses selected had reasonable chances. With that in mind it was good to finish just $2.5 behind on the day.
I wonder if one of the corporate bookies has considered offering one quarter the odds of the best tote price for the place.