Last I heard they were 50/50 mate I think. Haven't heard anything since.
I think Bless The Wings is still value at 14/1. Although Cantlow beat him comprehensively, he will be 10lb better off, is only 12 (not that old for this race!) and ran a blinder last year.
I just think its a race severely lacking in quality horses, and whilst it is a speciality discipline to some extent, I dont think it would take extensive schooling for a decent quality animal, who jumps well, to be a big player in it. Third Intention made his banks debut in this race last year and was probably the only horse not experienced in the whole field, yet finished 4th. As I mentioned before, Balthazar King proved that experience wasn't vital if you had the aptitude for it when he won. Likewise Rivage d'Or, who I think had also only had one run over Banks fences, prior to winning this.
As for your initial question, I dont really know tbh. His mark would make it very tough for him in the handicaps I suppose, so I guess they were short on options. They must have wanted to come to the Festival with him as he has proved he likes it there. And presumably connections must think this will suit him. If they merely want a blow out to put him spot on for the GN, surely there were countless other options than this?
But I do agree the value has long gone.