When Nevada looks at applications, they look at all choices on the application before moving on to the next. This means that once your application is considered they will attempt to award your first choice if that hunt is filled they move to the next choice and so on. Therefore, the best strategy is to list the better hunts (tougher odds) as your first choice and list progressively better odds hunts as you 2nd, 3rd, 4th and 5th choice.
The only way that your odds change is if you draw one of your choices. For example, if you draw your 2nd choice, your odds for drawing your 3rd, 4th and 5th went to 0%.