-Jackk,
Without knowing how many points are in your series, or seeing the overall trend of them, I would ignore, or delete, a particular point in an area that you don't like, and see what happens.
In V4 Arc, a result could be obtained that did not actually contact any of the given points, an extreme case being, to select every point and then set the (Polynomial) degree to 1. This gave, obviously, a line that was identical to a V4 Mean line, probably without touching any point.
Points 1,2,3,4,5,6,7 Points 1,2,4,5,7 Points 1,4,5,7
In V5, I've taken 7 arbitary points and fitted splines to them, using no tangency or curvature inputs, just point fitting. The first fits every point and gives a horrible looking curve, the second is an improvement - using 5 points, but to me, the best is a 4-point fit (cubic). Only the user can know the amount of allowable deviation. An exact fit of every point is far less likely to give a smooth curve because it is tied to too many points.
In V4, the same principle of defining a degree (1 - 15) applied in Patch for u and v directions. In some ways V4 was too clever, for day to day modelling and drafting, and a lot of methods have been streamlined when V5 was put together. Another way of emulating the V4 Arc fitting methods is to write some code and do it yourself. I normally do this sort of thing in Excel using a VBA macro. For a series of points an algorithm can be written to find the co-efficients of the polynomial for the fit required, and once the function is known, as many points as needed can be calculated for y = f(x) and a curve created in V5 directly from an external file.
But it is quite likely that V5 will give a smooth curve and not require any programming, if some start and finish tangency and maybe curavture information can be used, then tensions can be used and the curve manipulated that way.