Of course it can be done.
Not by the way you envisage it though, by making use of random outcomes.

Those who do ratings, be it for arbing or win or place betting are taking a shortcut and cut out a lot of unproductive races.

I know precisely my strike rate, number of outs, number of consecutive wins etc. together with winning tracks and distances.
Once you know that, you are halfway ahead of the game.

Why do you think Mark for instance is only playing 20 to 30 races a day where he could easily play 50 to 100 even?

Simple, he worked out where he has an advantage, and so have others.

MichaelG only selects certain races for his lays and seems to prosper.

Trying to use the whole of available races and work out profitable outcomes based on statistics alone is futile. I don't think I need to spell out why? Just the TAB, bookie takeout destroys any chance of that.