Since my main league has very limited waiver moves (but very large rosters), trades are the main method for acquiring talent. And, from experience, it is MUCH harder to trade for quality SP. Closers from dumping teams are always available, as well as bats. However, as for SP, the good ones are generally on the good teams, and they are reluctant to deal them. And the bad teams generally don't have any.
As such, I always target pitching (focusing on good K/9, K/BB and GB/FB ratios) and usually end up with top 3 in all 5 categories as a result. I then trade for the hitting needed to get me into the money (and often the championship).
As such, I agree with TOP to the extent that while I won't overdraft pitching, I definitely focus on it since it seems much harder to make up ground in ERA/WHIP after a few mediocre pitching gambles have torched it.
As for young SP, I only rely on it until mid-August, then look for other options. Most minor league seasons are 5 months, not 6, and young pitchers just seem to run out of gas the last 6 weeks, no matter how good they've been all year to that point. The only exceptions are generally those that have pitched sparingly in the 1st half of the season.
Lessons I've learned in 15 years of playing. They may not work for everyone, but they seem to work for me.