I use the CO stat/10 as if it was a stat bonus, and the racial maximum becomes the maximum amount you can develop by skill rank increase. This therefore should mean that the base hit total becomes 120 + CO/10. However, some professions get per rank bonuses to their BD, but again I keep that separate. So, if someone has rolled well, and achieved their 120 maximum in 12 skill ranks, with a +1/die profession bonus, their base hits become 120 + CO/10 + profession bonus.
All of which is then modified to find total hits by 1+(CO modifier/100).
The reason I do it that way, is because otherwise a beefy and tough fighter could eventually have the same hits as a weedy mage (although granted, the fighter will probably get there first).
My game is Space Master, but it uses the RM2 rules for the most part. And I have a spreadsheet that does the calc for me, so complexity is not an issue
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So as an example...
Foaming Berserker has a CO stat of 95 (presumably foaming due to steroid abuse). He is a Transhuman type 1 (which from memory I think grants a +20 CO bonus - that's life when you're bred specifically for fighting), so his total CO bonus is a beefy +35. He has 10 skill ranks in body development, and as an armsman, has a +3 per rank bonus. He has rolled average, and has 75 skill rank bonus for BD (I think that race uses 1d10+2 as hit die). His base hits would therefore be:
75 (Skill rank) + 10 (CO/10) + 30 (profession bonus) = 115
His total hits would be 115 * 1.35 (stat bonus/100) = 155.25, which would become 156 in play as I always round towards the PC's favour - makes them feel happy and frankly in a game with weapons capable of dealing 40 hits and a quadruple critical against decent armour types, PCs getting 1 extra hit is the least of my worries).
At max development of 220 (guestimated), let's say he makes it in 20 skill ranks, he would get:
220 (skill) + 10 (CO/10) + 60 (profession) = 300
total hits are therefore 405 (!)
If his fellow Trans 1, who had broken the mould and become a telepath, managed to make it to max hits (that's a lot of DP - surely an Unpain psion would be a better choice?!), they would have
220 + 10 = 230
total of 311 (310.5)