Not bad Mad.
Sounds the same as what I do but I avoid the favs all together. My longest run of outs has been 4, betting 4 per race. 276 races so far with an av. div of $6.73. Just be wary with the dutching if ur trying to recoup losses. It becomes expensive, but hey it works for me. Each to their own.
good luck with it hope you do well.
Cheers.