Actually, 47 players carry a Fargo of 790 or better. These are elite players, and, in my assessment, they all play well enough to go on a magical run to the title. That said, I'd put the over/under on the Fargo of the eventual champion at about 820.Going by results of past 5 years major events, 780 to 800 finalist in majors recently Roland Garcia, Max Lechner, Omar Al-Shaheen, Christopher Tevez. So yes potential finalists around 50 (FR780+) in this field.
But for past 5 years, winners of majors have all been FR800+. Which puts potential winners in this event at around 2 dozen
As you say, the biggest titles are generally the domain of the most elite, but not always.