it is, i think, precisely accurate. i think they use those proj report numbers at selection time and just go down the list
. #1-4 on proj report are 1seeds, etc.
there are some things that can cause a teams seed to vary from what the proj report says it should be, but that is usually because of rules that dont allow conference teams to meet before a certain point in the tourney (elite 8? i think?)
as yanks points out that does take the suspense out of it, but thats what it is.
yes, if you are trying to sneak in the bottom of the field, then you would have to figure out how many "bid stealers" there are. (CT champs with rpi worse than mid 50s) my recollection is 50 is usually safe and 60 definitely wont get in. but that depends on the world and division.
i would even say for d3 that 55 usually would not get in, but i could be wrong.