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PCI think ERA and Wins-Losses are they key factors, and strikeouts are the third, but least important of the three. Strikeouts shouldn't matter that much, except maybe as a tie-breaker.
One of my favorite baseball quotes is by Tom Seaver: "I'm not paid to strike guys out. I'm paid to get guys out, sometimes by striking them out." (Probably not exactly what he said, but it's close enough.)
So, I think Tom Seaver would agree with us.