Reduce the influence of the waist portion to 10 percent (instead of 30) and add the remaining to the push ups and sit ups. It should be more performance based and less on appearance. Genetics plays too big a factor.
I have seen way too many 95lbs guys get 100% while the UFC type guys get low 80's. I know who I would want to go to war with. I want a guy that is strong enough to pull my butt out of a burning Hummer, not one with enough endurance to run for help.
I am an OSI MSgt and I work out daily. Yes I do have the SNCO gut (36-37 inches) that seems to come with the experience. I feel I am pretty fit for my age. I always max my push ups and sit ups and run the mile in a half in the 12minute range. I have yet to get above a 85%. I'm 5"10 and 215. I bench around 245-275lbs. I'm not a small guy and I never will be. I could lose a few ponds but I will never have a 32 inch waist (genetically). I havent had one since 7th grade. Not a fan of the test as it is.