I play WPS/Ex but whether I box or key something depends on the payouts (always check the board before placing the wager to be sure I'm getting a good enough return on it). If the return isn't good enough, then I'll look at a tri instead and key the low odds horse (figuring a low price fav will win's normally the reason that an exacta price will be too low anyway).
Also, when playing pick 3's/4's, I always split my tickets up..... very similar to what Crist explains in Exotic Betting. That way, you don't have every ticket singled in the same race. There's always one ticket deeper in it, in case a big favorite tanks. I started doing that after reading the book and it's helped me out with those wagers tremendously (used to put all on one ticket, but would get too expensive and would inevitably drop a price horse that would win to bring the price of the ticket back to reality).
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