If you are going to put a proper analysis together you would have to look at other factors too like

- Rail position
- Barrier starting position

Most of the testing would be in past tense. How much ground did a horse cover last start and did that in the end affect its finishing position. Its something that could be considered but I would assume most punters would review the race replays and take into consideration other variables like

- speed of the race
- settling position
- does the horse have cover
- blocked for a run
- bumped (believe me - young horses hold their breath when they take a knock)
- pulling the head
- pricking of ears at certain stages of the race
- changes in velocity
- timing of accelreation

and..... the 100+ other variables.