I have been playing around with this idea lately and the results so far look promising. Using the Zip form out of the Sportsman, I use the top 6 raters in boxed Trifecta's, Quinella's & F4's (on paper only)
I flexi bet the selections for a % due to the large outlay required.
The rules are simple.

1. Minimum of 8 starters
2. Sat & Wed only
3. If more than1 qualifies as the 6th rater, then pick the highest win/place %

So far I have looked at 169 races (small sample I know) with the following results.
Uni Tab prices.
90 Quinella smiles biggest paying $201.10
62 Trifecta smiles biggest Paying $1816.30
38 F4's biggest paying $12518.00

Of course the above figures are just that figures, but with some more selective filters added it may pan out well over time.

I will post up the selections for this Wed & Sat and you can see if they perform