I would go with (2). You have to rely upon everyone so you don't want to go the stars & scrubs route. However, you do want some blue chip players both to anchor your team and to provide trading chits if you need to swing a deal. That said, I do think stars and scrubs is the way to go for pitchers. The last couple of years,when I look at my pitching staff at the end of the year, over half of it is guys I got off off the waiver wire. So why bother spending $3 or $4 on a pitcher that I'm likely to jettison anyway? Better to send the extra $2-$3 per guy to get someone like Johan instead of Zambrano.
0-3 to 4-3. Worst choke in the history of baseball. Enough said.