Inferring homology from BLAST scores/statistics

Hello,

I have some proteins with blast homologs, and I am trying to get a quantitative measure of the representativeness of each match. As I understand, everyone normally compares blast alignments using bit scores, as these are database-size independent. However (please correct me if I’m wrong) bit-scores only describe the quality of the HSP itself, not how representative that HSP/bit score is of it’s parent protein.

Would I be barking up the wrong tree if I DIYed a score for comparison? One of the main reasons I’m asking is I’m not particularly hot on BLAST statistics (so this may all be unnecessary) and I know making up your own stats can be a bad idea.

My score would be something like:

(bitscore * perc_coverage)/log (evalue)

This would hopefully approximate to:

(quality of HSP * HSP representativeness of protein) / reliability of HSP quality

NB – I would take the log to stop differences in E-value massively biasing the final score.

Thanks for reading!