Assuming 45% strike rate from the top two is correct you are looking at nine winners from 40 selections.
That means the strike rate backing short priced horses is nowhere near good enough to win.
These horses will also be big unders on the tote.
Maybe use some of the punting tips on this site to eliminate poorly drawn and handicapped horses.
You mention about the "top 2 in most fav.column in the newspaper." that "one of these wins 45% of the the time,year in & year out."
Which paper is an interesting point or doesn't it matter? I would have thought the top two in some papers would be much better than the top two in other papers - just like rating services. Some are lucky to get a winner in their top two, others have an excellent strike rate. If the paper is irrelevant (which I find hard to believe) then check a few papers and find the horses in the top two that are at most generous odds once your elimination rules have taken affect.