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Chris CountsI wouldn't consider a career-altering or career-ending injury a justification for calling a player a bust, so I don't believe guys like Joe Wood (whose arm troubles are well-documented in "The Glory Of Our Times") and Pete Reiser (the only thing he ever busted was his skull and several other bones!) should qualify.
Also, I don't believe there existed in the pre-war era the media hype that is present today. Heck, they didn't even have a draft. These days just about every other number one pick qualifies as a bust. The 1950s were filled with "bonus babies" who failed to live up to their expectations.
In the pre-war era, one guy that comes to mind is New York Giants outfielder Johnny Rucker, if only because his appearance on the cover of a Life magazine and his wonderful nickname, "The Crabapple Comet," earned him more hype than his modest skills deserved. He was, by the way, the nephew of the excellent tobacco era pitcher, Nap Rucker.
I'm curious about Harland Clift. Was he considered a bust? He actually put up pretty good numbers for close to a decade, especially when you consider how many walks he had ...