The application issue may be that you are likely to be using multiple IVs for horses in any one race. The errors of taking say the cube root of three IVs multiplied together are more significant than any error for one IV but very difficult to quantify race by race.
If you are using multiple IVs, then using any not greater than say 1.20 (or 0.8 on negative side) do not add too much when you then take the roots of the multiples.
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