[tfgg]

Have you considered using a TrueSkill-alike with extensions for scores/teams, such as PoissonOD?

http://research.microsoft.com/pubs/193839/sbsl_ecml2012.pdf

A few years ago I had a similar idea for trying to build team models, so you can make a better guess at the performance of national teams, since they don't play very often, or for league teams due to transfers at the start/during the season, but hadn't got as far as you :)

[lum]

We did some preliminary experiments in this direction. Basically, we tried to do a regression on the score difference instead of using only binary outcomes. In our experiments it didn't improve the predictive accuracy - but there are many more things to try. It does feel a bit wasteful not to take score data into account.

Nice that you had some similar ideas :-)