MMA GF:
You know enough about betting to not need the advice honestly. If it's me, I hedge but I do it small (barring, as EZ mentioned, a change in your view on either fight). I'd probably make a bet on Saggo's ML at + odds for $150-$250 depending on your confidence level in Khabilov. Personally my pick to win the fight would be Khabilov, but only slightly. The value is actually on Saggo imo at +175. Don't mess with the props to try to squeeze a little more out of your hedge. As has been mentioned, you get middled and you will really be pissed. Your hedge here is really just to recoup your initial investment and guarantee no loss imo. Esp if you think Khabilov and Cowboy win. I've already said it, I have a REALLY hard time seeing Cowboy losing here. But anything is possible and if Khabilov wins you put maybe $150 on Brown and call it a day. So if your parlay hits of course you've given back some of the profit, but if it's worth it to you to guarantee at least your initial investment back, hedging a few hundo isn't an awful idea at all.
I feel like when I throw hail mary parlays out there, I try to look ahead of time and see "Okay, if somehow I get to point x and I'm alive, I'll hedge it this way...". Then you don't have to figure it out on the fly. You know your plan going in. Most get broken up before a spot you'd hedge anyway, but the ones that get there you already know what you're gonna do. Even if that means letting the whole thing ride.