I'm in a similar league, and we dealt with the same issues last year. We decided to tread lightly instead of make major changes to the rules. We're going to tweak it slightly each year. We added -2 points for blown saves and losses. That way it's not extreme. -5 will have a major impact on scoring.
We also added +1 for hit by pitch to the offense. I hated that last year! What's the difference between HBP and Walk? We didn't add the -.5 for HBP to the pitchers, though. Some players didn't like penalizing pitchers for "owning that plate".
Personally, I love that saves have a high value. For me, anything that makes the waiver wire more interesting is a plus. If you gear everything towards rewarding only the absolute best players, things get boring.
The fun of fantasy is finding the sleepers. The high save value causes a constant closer churning in the waiver wire, with everyone looking for the next Gagne. I like that.
To each their own, though.