I think it's safe to say for this metric a lower number wins. Think about it, if you had a best competition average of, say, 3 minutes, your factor would be 180 / 12 = 15. I think you'd agree that would be worse than your current 2.323.
And for someone your age, I'd say 2.323 is really quite good. This metric is by its very design made to favor us old folks.
Oh, and congratulations on your great performance at the Virginia Open. You beat me in the first round pretty bad, but I got you in the second round. It was a very lucky average for me to get 32 seconds in the second round.