> how should we allocate funds between older and more established researchers vs new researchers?

Reasonable question with no precise answer, but I imagine a manager would seek a balance between the two as with any company or team. Some big hitters but you've got to see where your next Einsteins are coming from.

There's nothing about this that is solved by metrics. Metrics just help you might shallow decisions quickly, and provide ways for academics to game the system by manipulating those metrics.