Hi
Yes you can test your strategy using Time Machine.
In case you want to give it a go, I have prepared a trigger file which should work according to your spec.
At a specified number of minutes before the off:
the price of the favourite will be checked against a specified price range
the price of the second favourite will be checked against a second specified price range
the price of the third favourite will be checked against a third specified price range
if all the above conditions are met, a lay bet will be placed on the favourite at the current best lay price
at one minute before the off, the lay bet will be hedged for either green or red.
If you want to try the trigger out, please use it in test mode or in Time Machine.