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I actually started messing around a little bit with this idea. Just started with basic Troops for many of the factions and seeing if I could come up with a unit construction scheme/process that would let me get close to the current point value of the various troop units.

What seems to be most effective for covering the baseline of most units in a given codex, is giving armies a pool of points to spend "army wide" on various bonuses that can affect either the core stats of basic troops, their special abilities, and standard issue wargear. From there, you can have a points menu system for adding unit-specific abilities or stat adjustments.

I wonder if GW has something like this they use internally as starting point for deriving unit costs. Of course play testing is needed (in theory) to get the fine tuning done.