Looking at TRB's ratings on betfair Hub they said that 84% of all winners in the Melbourne cup have a rating of 106+ in their ratings. That seems like a good yard stick to use as a filter:

There were only 8 which made the rating:
#2 Mer De Glace
#4 Mirage Dancer
#11 Finche
#12 Prince Of Arran
#14 Downdraft
#18 Surprise Baby
#19 Constantinople
#23 Vow And Declare

Lets compare that to the list:

0.0 MER DE GLACE (JPN)
0.5 PRINCE OF ARRAN (GB)
1.0 DOWNDRAFT (IRE)
1.5 MASTER OF REALITY (IRE) ****** NOT IN THE LIST
2.0 CONSTANTINOPLE (IRE)
2.5 RAYMOND TUSK (IRE) ******** NOT IN THE LIST
2.5 SURPRISE BABY (NZ)
2.5 FINCHE (GB)
2.5 MUSTAJEER (GB) *********** NOT IN THE LIST
3.0 VOW AND DECLARE
9.9 CROSS COUNTER ******** NOT IN THE LIST

That leaves us with only 7 horses:

0.0 MER DE GLACE (JPN)
0.5 PRINCE OF ARRAN (GB)
1.0 DOWNDRAFT (IRE)
2.0 CONSTANTINOPLE (IRE)
2.5 SURPRISE BABY (NZ)
2.5 FINCHE (GB)
3.0 VOW AND DECLARE

I am reading a lot about MER DE GLACE not being able to make the distance. I am worried about VOW AND DECLARE, SURPRISE BABY and DOWNDRAFT drawing too wide.

That leaves us with these three as the top selections:

0.5 PRINCE OF ARRAN (GB)
2.0 CONSTANTINOPLE (IRE)
2.5 FINCHE (GB)

These are the ones I might have a small bet on.