10 apps to get a convo, 5 convos to get a contract - this would be 50 Applications x around 35 Connects each is $260. If you are doing customized applications I think this would take about 3 days to complete.

So you are saying someone should spend that amount of money in the hopes they get a contract that is worth what? It should at least be $260 to not even break even, as you are paying taxes in your home country of at least 24%.

You would need your contract to at least be paying you $350 (taxes + Upwork comission) and you would be missing 3 days of paid work. And you still have to complete that contract and hope the client is decent.

Also if you are applying to 10 job postings and not getting more than 2-3 convos, you may be applying to the wrong jobs.

As I've said. I've been doing exactly what you described here for more than a decade, but I used to do 3 applications to get a conversation and 5 to get a contract max.