We looked into it during a previous discussion about the Varsity 2 teams. Unless, the just recently made the adjustment in wording according to somewhere in the IHSAA rules a school is allowed to have more than one varsity squad. I'd have to go back and look at about 150 pages of the by-laws to find the wording so that may not happen any time soon. However, it did mention only one could be entered into the IHSAA sanctioned tournament. They did not say junior varsity in the wording of it though that may have been their intent when it was written. So they may consider them to be an actual second varsity allowing you to count their wins as true varsity wins for future purposes.
Seems the IHSAA belief here over how to do points could conflict with more than just Varsity 2, as it would go on to effect anyone on your squad (injured, sick, JV) that wrestled in a certain event or not. So clearly it doesn't fit the actual reason for the point system. Which leads me to believe they just didn't like the idea of spliting up teams and allowing individuals seperately. Which to me means the IHSAA needs to find a different reason to not allow this type "wildcard" or "true" individual tournament to take place or them must change how points are given out.