Is Jimmy still training OL? I haven't seen them post on forums for ages and thought they may have given it away? that said I don't follow the racing over in WA.
Denzel - FR's advice is sound.
That said there are a number of ways to get involved, steer clear of syndicates, your better off buying a dog (or pup) yourself or with mates, much more enjoyable and if your lucky enough to win some races you will benefit not having to split the p'money too many ways.
If you intend buying a pup, there is no hard and fast rules in selection, I've always gone for the biggest at 3 months and I've always done fairly well, I see it as natural selection, biggest has done the best, got the most from mum etc, plenty will disagree but as I said there is no rules.
If I'm looking for a litter to purchase, With sires, the majority at stud will be ok, it's a cut throat business and only the top of the top really go to stud so mainly concern yourself with the dam.
Unlike horses, sister to this or brother to that rarely cuts it,
racetrack performance is everything. I wouldn't purchase a pup from a bitch who hasn't won 'in town' and even then has run a certain time at the track, I use 30.60 at Wenty as a guide for breeding.
Cost of pup at 3 months from city winning bitch - $2,000 up to $5,000 (goes much higher but your not getting your hands on pups from those bitches) dogs generally are around 20% dearer than bitches due to recent changes in hormone rules.
Raring - around $35 on a farm to 12 to 14 months of age.
Bring into kennels - one month $200
Breaking in - $300 (approx)
Spell - 4 to 6 weeks @ $35 per week
Trainer - varies but a standard deal will be $50 per week until first win then 50/50 p'money if dog shows ability, can take around 12 weeks to get to the races, not withstanding any set backs. Most deals are neg. of course.
Dogs 'ready to go' obviously cost more but $10,000 to $15,000 will buy you a promising 'break in' stick to well respected breeders as FR said, can't go past the Wheelers (Bales)
http://www.wheelergreyhoundkennels.com.au/ or the Smiths (Irinka dogs) or Martin Hallinan (Owner breeder of Mantra Lad) Rob Tyler at Reason Kennels is another
http://www.reasonkennels.com/Hope this helps some what.