I think the biggest thing you need to consider is that while you may have 3 full attacking ranks 10 wide against smaler units you will not get to attack with all of the models in those first three rows. I haven't run al of the numbers but I think a smaller frontage but with deep wounds may be able to do well.
The second thing that comes to mind is the fact that at 5 points a model you have no armor and t3 and so you will loose some to shooting on the way in much more likely than other troop types.
I would look at the massed bretonian peaant archers. I do not have the bretonian book in front of me but I believ they are 4 points a peice and so I can get 75 archers for 300 points.
Lets figure in 3 rounds of shooting and then a stand and shoot reaction.
Round 1: Long Range 75 shots 25 hits 12 dead
Round 2: Long Range 75 shots 25 hits 12 dead
Round 3: 1/2 Long Range 1/2 short range 30 shots short 15 hits 8 dead, 35 shots long 12 hits 6 dead
Round 4: Stand and shoot for 30 archers: 10 hit 5 dead
1st round of combat: 18 attacks, 9 hits, 5 dead.
Total killed before merauders strike back: 47.
Game over. Archers win handily as I was playing them as two blocks of 30 and a block of 15.
The only real question is did I have my points cost on the archers correct at 4.