As promised, Rich posted further analysis today of pitchers using the Big 3 metrics of K/BF, BB/BF, and GB%, now with weighted Z-scores used to rank them. http://baseballanalysts.com/archives/2009/02/using_zscores_t.php
You can see the top tier of both starters and relievers on Baseball Analysts, but be sure to download the spreadsheet that Rich links to to help identify some middle and late round sleepers.
The spreadsheet can also help you identify pitchers you don't want anywhere near your fantasy roster. Hint: Do not draft Tom Gorzelanny