Yep, I'm in a similar situation and feel your pain. I am currently waitlisted at a couple of places (with the possiblity of more waitlists), but I'm trying not to get my hopes up in case I end up rejected. I applied to 10 schools this year, and I tried to cast a wide net as far as applying to schools outside the top 20. However, you bring up a valid point, in that a lot of these schools simply lack the funds to accept a sizable class. I didn't think I had a chance at my top programs, but those were exactly the ones that waitlisted me. If I do decide to do another round, I'll stick to programs that not only match my interests well, but are capable of letting in more students.
And I'll talk to the professors beforehand... Definitely.
But I wish you good luck on the rest of your schools. -We applied to a lot of the same programs.