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FAQs and other general questions are answered here
#20963
Yes, it is possible.

Create new strategy and use selection condition Min/max price for selection to check Lay price of any runner for price range of 1.01 - 30.0.

Use Selections filter to allow betting only on 1,2,3,4,5 favorites by position. Also use Default bet type.

To bet on imported tips use staking rule "Bet on imported tips".

To place BSP bets use staking rule "Bets persistence" and tick option to place BSP bets->Market on Close orders.

Then try it out in simulation mode to ensure it works like you want it to.