I submitted a bunch of 1986 Fleer basketball cards last month as a bulk order (under $100 per card assumed value). One was Karl Malone, which I figured was an 8-9 ($50-$75); it came back as a 10, which is $750+.
This is a good example that they grade the card blindly of the submission level. On the flip side, I've subbed cards at $500+ level and got slammed on grades.
So, give it a fair estimate - they're not going to nitpick and worry about precise values unless you're sending Mantle rookies in on bulk common orders.
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