Right, a lay system for the new year.
In races where the fav is odds on (TAB prices), lay any horse under $10 on the TAB, who placed 1-3 at its last start.

Results from 1/1/09 to April 2010

Selections: 2549
Return: 1668.80 (-880.20)
POT: -34.5%

Even allowing for the higher BF prices, you should be able to make this work.