Thanks for all the insight everyone. I think I still like the idea of staying low in IP, but I have a lot of other ideas to ponder.
The thing that I might not have made clear enough is that my intent with this strategy is to stay low in IP. I'm not trying to find ways to get up to 1250 innings and compete in wins and Ks. If I load up on mediocre pitchers in an attempt to go after wins, Ks, etc., I'm also going to drive up a lot of the other categories as well. I'm going to compete (and not favorably) in categories like losses, walks, HRs, etc.
Let's face it, a guy who has 3-4 top quality starters (say Mussina, Pedro, Hudson -- which are 3 of the keepers on one guy's team) is going to kill me in a lot of categories if I'm going up against him with Prior, a bounce-back and a prospect. As good as Prior is, he can't pull that one out.
Anyway, like I said, I really appreciate the advice everyone! Thanks!