That's fair. 60% chance of um win, 40% chance of Iowa win seems reasonable.of course, KenPom says 40% chance for Iowa to win on Thursday. If Iowa has a great shooting game, they are probably going to win no matter what Michigan does. If Garza draws 10+ fouls on Michigan's centers, there is very little chance for Michigan to win.
There are a multitude of assumptions that go into the prediction. If the two you bring up happen, then the likelihood of the final outcome probably falls in Iowa's favor.
I think um has enough good perimeter defense to make it hard for Iowa to have that great shooting game. And, they can afford to give up 10 fouls between the two back up guys that play some 5 to keep Dickinson out of trouble.
Still, Iowa has more than just a puncher's chance and it would hardly be the biggest upset of the year if they win it.