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Yeah, but some of those really are Mulligans.
 
Gutz?  C'mon.  Z deserves a break on that.  The man basically came down with  plague.
Figgins?  No one predicted him to crater like that.  Most people though it was a solid if unspectacular move at the time for a reasonable contract, not a potential disaster.
Jack Wilson?  On Z, but there weren't a lot of other good choices IIRC.
Bradley?  That's really on Bavasi.  Desparate move to get rid of the Buffalo.
Cust?  Bad, but not terrible, especially in terms of dollars.
Olivo?  Gotta have a catcher.  Servicable.  Move forced on Z by failure of RJ and Moore. V-Mart or Russel Martin would have been better choices I guess.  Obviously trading for Napoli would have been the way to go as advocated by Taro.
The other guys were either good (Ryan) or role players paid peanuts and really represent ony the lost opportunity cost of playing someone else in that roster spot.
Where I think Z is overrated (I know this is a contrarian position) is actually in the trade market.  Some huge wins, sure, but not a story of uninterrupted success, certainly.  Lots of weak trades too, especially in retrospect (though some, like Fister, are still very early).