I have yet to see a manager take drafting hitters to the extreme like that, but by the same token, you see it done to some extent.
In a very deep redraft league I'm in, one of the managers decided to load up heavily on hitting to the point he had only drafted three closers, one RP for holds, and two aces: Lackey and Kazmir. He couldn't stream because for one thing, the league is deep enough to make the FA pitching pool appear absolutely horrid and another thing to consider is that there's a move limit. His team wound up floundering after a promising start and wound up in the bottom 3. All the while, he kept on picking up hot bats and mid-season call-up hitters.
I think the rationale in doing something like this is to diversify your hitter lot. He's bound to have a few rotten apples or a few underachieving batters on his squad and obviously if he has a few breakouts or a few diamonds in the rough, he has built a cachet to build upon pitching. Again, it's a common theme/philosophy in drafting your team, but taken up a notch in this particular case. The inherent risk in enacting this strategy is if your squad of offensive players becomes overvalued relative to their draft positions after looking upon their performances at some juncture of the year. Of course, playing the wire can be a risky business with respect to your ERA/WHIP and you're forced to play in the impact categories (W, SV, K). That's why loading up on 4 to 5 closers, along with a couple of established starters, and a couple spots used for streaming could counterbalance this.
Even if this strategy is considered to take advantage of loopholes in H2H, it's part of the game and part of the fun in playing in one. If you don't like this standard type of league, then I suggest joining a league that takes into account K rates and add/drop transaction limits.
It's kinda like the Old Cafe - http://fbc2.freeforums.net