Hi Dean
I've got my own TM subscription sorted now and have just tested what you are wanting to do. All works well with a lay bet on the probable loser in both Win and Place markets.
Here's what I did:
MFP Settings
monitoring options > market refresh > start monitoring events 2.00 mins before beginning
make sure stop monitoring events is unticked
idle refresh rate 4.00 sec
Trigger, same as yours with one condition:
markets minutes before the off is less than 1
Load Win and Place markets into My Markets, I suggest you start with say 3 to 5 races just to test all works ok.
Turn red triggers bulb on to green
Click the TM rewind button to make sure of the start of the timeline.
Start TM and click Fast button
Wait until all markets are settled (winner label shows in all markets)
Check statement, all bets in Win & Place should be there.