It's a points league, people, so stop bring up WHIP. But I understand what you guys mean because in WHIP, hits and walks are equal.
You should put walks and hits as the same negative value because yield at least one baserunner. Unless it is a homer, a hit does not guarantee a run. The same with a walk; a walk only yields a run when the bases are loaded. Your league will deduct points for earned runs given up pitchers so just make walks and hits equal.