I'd go with Volquez You may lose a little on ERA and WHIP especially but he has better upside and you should get more strikeouts from him (not to mention hopefully longevity and less injuries!)
The pick is a low 2nd round pick, so it would be the 19th overall player. I really don't think that there will be much value that low in a draft with 10 teams and each team choosing 14 keepers. The top 140 guys are off the board to begin. I would be looking at selecting the 159th best player....so yeah, not much value. However, I have all my positions filled. All I need is an UT player, a closer, and two more starters.
I'd probably yank a closer with your first pick since there are fewest of them available if any solid ones are left (think of a solid, risk/reward option like brian wilson or whoever closes for texas or oakland).
do not trade peavy for volquez. Volquez is an excellent pitcher and ows his success to the same pitching coach (dave andrews) that turned halladay into an elite pitcher, FYI.
Good luck.
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