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A neutral park would have ratings of 1.000 for all the factors - it would play perfectly fair.
The higher the number, the more likely that event is; conversely, the lower the number, the less likely that event is.
In the sample ballpark you gave the factors for, batters would be very slightly more likely to get a hit than in a perfectly neutral park, and they would hit slightly more home runs over the course of the season. However, they wouldn't hit many doubles at all, compared to a neutral park, and wouldn't hit as many triples, either.
One thing to keep in mind when adjusting the factors is that the AVG OVR line affects all hits: singles, but also doubles, triples, and home runs. If the AVG OVR is set very high (for a hitter's park) or very low (for a pitcher's park), you may want to run some test sims to see if you should adjust the other factors in the opposite way, because if you have a low AVG OVR and a low HR OVR, it's going to be an extreme pitcher's park with very few home runs hit. If you have a low AVG OVR and an above-average HR OVR, you'll still have a pitcher's park, but the home run totals won't be extremely low.
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