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The HOF Monitor is probably not the best, but at the same time, you don't really want to bog it down with heavy number crunching either.
A lot of sabers complain about stats like Wins, RBIs and ERA, but the truth is, very few bad or borderline HOFers have bad peripheral stats. I would prefer the index simple...  Rank in League in OBP, Hits, HRs, RBI, Runs, SB, etc./Season x weighting points, etc. Defense is tougher, but i think this is where you blend stuff like UZR, but with surveys of scouts, players, coaches, etc.
We get tied up in lots of stats, especially stuff like WPA, but I don't see the point of penalizing an RBI/Run because it was scored in a blow out. All things equal, the run is still a run.
Anyways, anything would be better than what we have now.