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Originally Posted by enuttage
I think my answer here is (after reading your post again) 'yes', it's worth adjusting the individual park factors, as they will make a difference in statistical output of a given park as opposed to other parks in a country and versus the rest of the universe.
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That is basically what I am getting at. What you have to decide is whether your "base" is at the universe level or the league level. If you have it at the league level you could have two identical parks with the exact same elevation and they should have different park factors because the factors would only depend on the rest of the parks in the league. However, if you decide to base your factors over the entire universe, then those parks would have factors that are the same because every park would need to be considered.
Teams can play teams from other leagues in exhibition mode if you so choose. If you planned on doing that at any time you would probably want to design your factors over the entire universe. Otherwise it won't really matter, you could do it either way.