I'm right with you.

1. I've incorporated an "experience" factor based on minutes of playing time. In addition, the first 1000 minutes are worth more than the next 1000, and the next.

I have started using Martin Manley Efficiency rating for how the athletes perform in college. (PER is just not worth it.) So far, I've kept performance separate from rating, but who knows?

2 and 3. I think I got this idea from you. I produced a complicated formula using various logs to value the better rated athletes from the others. I take the top 150 from each class and apply this formula. The result is that the difference between No. 1 and No.2 is 2.2, (i.e. If your avg. rating is "1", you end up ".77". If your avg rating is 2, you end up 2.96) between 2 and 3 is 1.9 (a little less then between 1 and 2.) The difference between No. 149 and 150 is .85. A lot of fluctuation between ratings occurs in the first 5 or 6 players and by 20 or 30, there is less than 1 between the players. I toyed with assigning points, like you say, for the first 5, then the next 5 or 10 or so, but, as you say, it gets complicated.

4. That's an idea I haven't really dealt with. It sounds good though.