Not the legendary Van Der Wheil method !
I think it was based on adding the last 3 finishing positions together and taking the first 5 in the betting, I I looked at it once but the results weren't much better than random selection.
As for each way betting, I only bet each way in handicaps of 16 runners + or where extra places are available. If you do the maths on a theoretical 16 runner race where all the horses are at odds of 15/1 you would breakeven backing all the horses to win but a return of 1.5 points if you bet each way.