Looking at it another way, Let's say these  are 1200 lb steers at processing. x .62 = 744 hanging x .62 = 462  lb net in the box.

If I take a 1200 lb steer to Bloomington's most recent fat sale, they'd bring around $2.42/lb x1200 lb = $2904 live

Assuming trucking is a wash, $2904./462 lb = $6.29/lb net (+processing is my break-even, auction vs processing)

744lb hanging x $.80 for processing, slaughter, cooling etc = $595 total processing charge

I figure I want about 1/3 more for the hassle of direct sale, so my price direct to customers with me paying processing should be:  ((1.33 x $2904) + $595)/462 lb = $ 9.65/lb average for all cuts, I pay processing, selling by the lb.

From this I look at the amount (weight) of burger, roasts steaks, stew meat, soup bones and set each price so the average comes out to about $9.65/lb. Noting prices on the top grade of each at a good local grocery store helps with relative prices of different cuts.  

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If selling by the whole with customer paying processing and wanting 1/3 more than selling at auction:

I'm looking for 1.33 x $2904 = $3862 / 744 lb hanging weight = $5.19 per lb hanging wt

If wanting the same as auction:  $2904/744 lb hanging wt = $3.90 per lb hanging wt.

My conclusion:  Selling at $4/lb hanging wt with customer paying processing is basically the same as you'd get selling live at an auction. To make it worthwhile price should be at least $4.50/lb hanging imho. $5/lb makes it worth the trouble.

Adjust the above for your live wt and percent hanging and box.