In this work, we describe a procedure for synthesizing racetrack resonators with large quality factors and apply it to realize a multi-channel wavelength-selective switch (WSS) on a silicon photonic chip. We first determine the contribution of each component primitive to propagation loss in a racetrack resonator and use this data to develop a model for the frequency response of arbitrary order, coupled-racetrack channel dropping filters. We design second-order racetrack filters based on this model and cascade multiple such filters to form a 1x7 WSS. We find good agreement between our model and device performance with second-order racetrack that have ~1 dB of drop-port loss, ~2 GHz FWHM linewidth, and low optical crosstalk due to the quick filter roll-off of ~ 5.3 dB/GHz. Using a control algorithm, we show three-channel operation of our WSS with a channel spacing of only 10 GHz. Owing to the high quality factor and quick roll-off of our filter design, adjacent channel crosstalk is measured to be <-25 dB for channels spaced on a 10 GHz grid. As a further demonstration, we use five of seven WSS channels to perform a demultiplexing operation on both an 8 GHz and a 10 GHz grid. These results suggest that a low-loss WSS with fine channel resolution can be realized in a scalable manner using the silicon photonics platform.