They do have some global thing where you can set a max bid, and then it will give you the highest position by 1 penny without exceeding your max bid.
Unfortunately it only works account wide, so I have not used it because I have disparate programs running at the same time. I might consider it in the future when I run more accounts.
You will find that 2% of the keywords give you 95% of the traffic, so it is not as daunting as you might think.