Yes, I'm pretty sure it does.
I think the tool on the Fargo "fairmatch" page has a limit of 99 games per player because the combinatorials involved create very large intermediate values. It is possible to set up the calculation as a Markov chain which avoids the intermediate large numbers and very long matches can be calculated.
Neither method takes frizoolas into account, so caveat emptor.
Yah know.. That just made me think of something.. It seems like Fargorate operates much the same as the U.S. Chess Federation (USCF) ratings, if not using the same exact maths, still using statistics. And uschess.org has a "ratings calculator" function that allows one to calculate out the exact ratings point changes expected from one's performance in a certain tournament...
USCF also has the capability to run one's own tournaments, and submit the results online directly to the USCF, and the database is updated within the next calendar month.
These would seem to be some tasty vittles for Mike Page to go after.