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I'm sold on datamiing minor league data bases and making your own metrics. I believe analysts should study more game theory to get a feel for baseball. Anyways, My favorite hitting state currently is SLGBBSB. Actually calculation is SLG x ( BB/[AB+BB] ) x (SB-CS/ [H+BB ]). Then to evaluate players focus on big picture. Just look at the career numbers and look for large samples.
On the pitching side, I ditch velocity. Why? It's too expensive! Face it a career ace in the mid 90s is so much more costlier then loading up a organization with Jamie Moyer, Andy Sonnastine , Kevin Slowey , Gred Maddux types. Their's tons of this pitchers and I'd gladly trade away a 100mph hurler for the chance to lock up two low WHIP high 6+k/bb type pitchers who rarely every walk the batter. Clubs should forget the WS picture and focus on the DYNASTY picture.
I'll even go further and say that any team in the MLB right now with 30 million to spare can win the WS within next 5 years by just making better purchases of players. Forget spending $20 million on one player.