I think it's interesting, but won't be particularly fruitful betting wise.
We all know that longshots do well, the pay-offs are good, etc...
You're better off doing extra handicapping work if you really want to get started now. . . But it'd be hard to know what to even look at at this point.
If you're really bored and are looking for a stat to compute - take a look at how non-favored Euros (in relation to other Euros in a given race) have done in Grade I's in North America. I think the ROI is extremely high, but have never had the time to calculate it.
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