Is conformation more important than pedigree

[Sightseek]

You can't really answer this question until you know what and whom you are buying a horse for.

The mind and heart is what really makes the racehorse so if you can see something in the horse's behavior that says he is a 'serious' animal than a lot of things you are willing to forgive if you want to race him for your own stable. There are a lots of good looking and/or well bred horses out there so a smart advisor is probably THE most important.