If you are really tying to win a conference title (rather than a national title):
1) everyone should be able to (and be willing to) move up or down at least one distance on the track
2) sprinters should also be able to jump and/or hurdle (400IH guys are like swiss army knives as athletes as they can usually do the 110H/200/400/relays/and sometimes up to the 800)
3) single event specialists get less scholarship $$$ unless they are clearly national final contenders (this will limit the $$$ spent on vaulters and javelin throwers)
4) deca and hept athletes need to be able to score at the conference level in an event or two (in addition to the multi) if they want significant scholarship $$$
In state vs. out of state scholarships can influence decisions (assuming these restrictions are in place at the hypothetical program being discussed.
Event entry limits at the conference level and/or conference qualifying standards make life interesting when dividing up the slices of the scholarship pie.
My suggestion (with some wiggle room built in based on strength of recruits and recruiting trends) based on the above guidelines:
Sprints/Jumps/Hurdles/Relays 4 to 5
Jumps/PV/Multi 1.5 to 2
Throws 1.5 to 2
Distance/Mid. Distance 4 to 5
I would welcome feedback on my ideas (unlike many on the board)!