Was hoping to like this...

You completely missed the point of the movie mate, eddie's dream never really including him winning Medels, it was to compete to be an oympian, his coach put it in a way that what's the point of doing it if you don't intend to win, Eddie was just happy to be there.
Same goes for your second point I suppose, we're to believe he saw them celebrating after the jump and walken's character had a moment where he realises that the coach does give a monkies about the sport, which what he said earlier that he had everything but respect for the sport

I'd say the fact that those are the two things you dislike just shows that you missed the entire point of the movie. If this was a book report, you would have failed. There was a message the film was trying to convey and you missed it. It also seems as though you did not pay attention to earlier parts of the movie to understand the psychology of each character. For example, the scene where Hugh Jackman's character, Bronson Peary, is reading his former coach's (Walken's) book and finds that his coach had felt he had all the talent in the world but that he failed to understand that it is not about whether you win or lose, but rather - doing your best and having a positive, never give up attitude no matter what the outcome (we call this "having heart" in America). Walken's character felt Peary was disrespectful to the sport and that he never gave it his all and was too fixated on winning (the whole mentality of "if I can't win, I won't compete"). When Walken's character saw how wonderful Eddie's spirit was and how respectful of the sport Peary became as a coach, he told Peary, "I was wrong about you." It really is that simple.

As for the argument between Peary and Eddie - did you not pay attention to the most important quote injected into the movie? "The important thing in the Olympic Games is not to win, but to take part; the important thing in Life is not triumph, but the struggle." --Pierre de Coubertin, founder of the modern Olympic Games.
Eddie dreamed his entire life of being an Olympian and everyone told him he would never do it. He embodied the spirit of Pierre de Coubertin's quote. It was not about winning for him. He was a winner just by participating, doing his best, giving 100% of his heart, and having the spirit of a champion - whether he got first place or last place. That is the whole point, and that is what Peary needed to learn.

Only pretentious people would still see Eddie as a mockery of the sport. People with heart will see him as a true winner in life who never gave up regardless of the odds against him.

in reality i think eddie saw the 1988 olympics as his last chance to compete. the rules were changed after his performance, and he failed to qualify for the 1992 and subsequent winter olympics.