Another method (maybe a bit long winded) is to divide the total prize money earned by the number of starts, times the win %, twice, (penalises the less consistent) divided by the weight given.
eg Lonhro in his last race...$5632510 divided by 34 starts = 165562 x 76% x 76% = 95629 divided by 58 = 1649. Grand Armee was 2nd pick on 317.
This method had Makybe Diva well in front in the Sydney Cup, & gave County Tyrone very little chance.