Well, I went ahead and wrote (and tested) a CAL script for you, to allow you to enter in a value for the maximum allowable mod wheel level.
Any events in that track that are found to be greater than that maximum allowable level are then set to become that maximum allowable level.
So, if you run the script for a given track, it will ask you to enter Mod Wheel Maximum Level, and you enter 99 and hit Enter, it will change any mod wheel values for that track that are greater than 99 to BE 99.
If this is what you are looking to do, please send me a PM and I will send you the script.
Oh - that was a lovely math exercise, Craig. :)
(sorry, couldn't resist poking some fun - it's actually amazing you thought of that approach)
Bob Bone