You could try and write an algo that would carry out your value investing strategy. You could trawl Yahoo for P/E or whatever value metrics you want to look at buy or sell based on certain thresholds.
Successfully implementing a value strategy cannot be codified into an algo
EDIT: There are just too many exceptions and nuances. Every single investment involves more exceptions and nuances that would need to be coded. And if you don't think so, I would bet you don't have alpha :)
Oh plenty of tryers. Value investing is a lot harder than it looks. And what you're talking about isn't really the definition of value investing (like graham-dodd + infinite details on the individual companies). Those quant funds were running factor models and mid-frequency stat arb
What makes value investing better than index investing? Surely if it is statistically impossible to beat the market on a risk-adjusted basis over time, this also applies to value investing.