zedative... my approach is always stats based...The only access to radio coverage that I have found for these races is through Bill Hill bookie site which is clearly a delayed telecast, and it is so boring and depressing listening to those guys monotone voices... As I said earlier I would back for a bit over the start price and lay for a percentage under the start price. I would do this for the first 4-5 favs. The problem would be that if only 1 of the 2 bets was matched you are guaranteed to lose that bet...
eg. Horse starts at $2. As soon as the market turns in play, you back it at $2.5, lay it at $1.5. If the horse gets off to a bad start and never recovers, the odds will never get down to $1.5 but will go out to 999-1 guaranteeing that you have backed it for a win at $2.5.
Knowing this, it might seem like a stupid idea, but having seen the wild fluctations, it would have to be tested to see the percentage of bets that get matched... $1 per horse would provide little risk/gain but would give a good insight as to if it is viable...

Getting back to legality...
Knowing that the ban on Oz punters through BF is IP based, one would only have to change or disguise your IP. I would never dream of doing anything illegal, but hypothetically speaking, I have been informed that a proxy server would disguise your IP so as to appear in another country.
How would one go about setting this up, hypothetically speaking of course......