I go with ratings except for roster bubble spots early in the season; those I will award on the basis of performance. I use ST to sort this out. For example, if I have a RP w/ a 65 OVR go lights-out in ST and another guy w/ a 72 OVR get lit up, I'll give the lower-rated guy the nod.
In-season, I try to figure out if there are certain guys who just tend to deliver despite their ratings and if there are certain guys who just don't deliver for me despite good ratings. One example from my A's franchise would be Barton. He stinks ratings-wise, but he makes great plays at 1B/3B for me and seems to hit above .275 consistently. So he gets a fair bit of time and holds his roster spot despite the fact that Frieman has better ratings.
One area where I think you can really go with lower OVR and place more emphasis on performance and very specific but limited skill sets is in the pen. All I need is a guy with a good slider or cutter or sinker/split, and I can do major damage--that player doesn't have to be well-rated in terms of OVR; he just needs one good pitch that I can work with.
Great question, btw, and great answers!
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