This comes down to how much extra money you want to spend. In the mid-Atlantic area oak board fencing pretty much rules. The standard 6X16 ft oak fence boards are at least 1+ inches over 16. Right now they are selling for a bit over $10 each. Up $4 since my last fencing project a few years ago.
Just about all fencing in the area is nailed to 4X6 pressure treated pine posts. At present my fencing supplier is selling those for $14.30 each. At least 10% is knocked off for large orders.
4X4 work but they only have 3 1/2 inches of nailing face to work with. 1 3/4 to each side. Verses 2 3/4 on a 4X6. Makes a big difference and gives you 1 more inch of wiggle room. Also because there is more nailing room to use a 3-4 “box or V” nailing pattern. Holds the boards much better than can be had on a 4X4 and the boards tend to warp a lot less.
4X4 can and do snap a lot easier if a horse runs into the fence line. 4X4 require a LOT more tamping to get them held fast and not shift over time.
If the ring is 200X100 that is 600 feet of fence line. Divided by 8 75 + the starter post, 76 post needed set at an 8 foot spread. If set at 7-9 you are loosing 4" at each post. If my math is correct you will need 25 extra posts.
Cutting off 4" from each board means you will need 38 extra boards. (based on a 3 board fence line)
So the additional cost will be
38 boards at say $10 per, $380
4x4 pressure treated post go for around $9 around here. X 25 posts $225
So that comes to $605 in additional material expenses. If one was fencing several acres this way they would incur a LOT of additional expense
Verses take additional time to layout your post holes accurately.
4x4 post set at 7-9 with 3 boards cost to around $2,400 for wood materials
Using 4x6 set at 8’, 3 boards comes to around $2,370
Less work, IMO a better looking fence and a more long lived and secure fence.
When laying out a fence line I use a 300+ foot reel tape like this
https://www.harborfreight.com/330-ft…ape-62413.html
I set the first post and securely tie/nail it to, run it out and pull tight along the ground and tie to an end stake. I use ground marking spray paint. It is made to spray “upside down”. Walk along the tape and mark my holes. No big deal if you spray the over the tape it’s still useful for other things, like measuring jump lines. It only cost $15-$30 anyway.
When setting the posts I check for plumb, (plumb is a vertical line, level is a horizontal line) using an inexpensive post plumb tool like this.
http://www.homedepot.com/p/Oz-Post-P…0740/202400878
I only use spiral shanked 16p nails. A lot of nailing by hand. I have nails guns which makes the job MUCH easier and faster. These can be rented and IMO worth every penny. Easy learning curve. Just don’t shoot yourself in the leg or hand. I “pinned” my hand to a board while building a house years ago. Makes for an interesting visual lol.