I've been using the formula in the original post for a while now, but have been questioning it recently.
I'm not sure how much I care about factoring in the FWHM and Eccentricity. When I look at the data in SFS, I select a limiting threshold based on the values in the data. Usually, this works out to my simply rejecting anything with a FWHM > 3 arc seconds or an Eccentricity > 0.6.
That leaves SNR. But I'm not sure that SNR is the value that I want to use. What I care about more than that is the median pixel values. Variation there tends to correspond very closely to changes in sky brightness do to twilight or the moon, and also to changes due to passing clouds. In further thinking along these lines, if all of the exposures in a set are the same duration, the same gain/offset, and the same temperature, why would I expect SNR to change significantly? The main reason that I can think of is a change in sky brightness or transparency. So instead of weighting by SNR, why not just evaluate and weight using the median pixel values directly?
And as I type this, I am also wondering if I should just reject frames outright for outlier sky brightness and just weight on FWHM?
Anyway, I'm just musing on this.