I'll put myself in the "why the hell not" camp. The guy has shown he can hit at every level when given the opportunity, even in his limited MLB ABs. I realize that their isn't a solid scouting report on the guy yet and he probably surprised some when he started hitting HRs out of the pitching slot, but nonetheless he had 12 extra base hits in 60 ABs. He played at Tulane, one of the better baseball schools in the country historically and he was their best hitter. They play their fair share of quality opponents. I believe there was some speculation when he came out whether he would be on a pitching or hitting track. Obviously, the D-Backs like almost every MLB team favored pitching. Personally, I think he was a better hitting prospect than a pitching prospect coming out. He has the "stuff" to make it as a mid-level starter, but I don't think he'll ever become that top of the rotation guy. He seemed to get by on grit more than anything else last year, which is definitely a tribute to him considering his age.
Owings has the swing and physical build to provide some power to a lineup that could use it. I'd like to see him atleast have the opportunity to get some consistent at bats and work on the hitting side of things then re-evaluate the situation entering the 2009 season. I don't buy the injury risk argument against playing him in the field, if it was Brandon Webb than it might hold more water. 1B isn't really a position where guys go down with injuries, outfield is a slightly different story.
Depending on how he does in Spring Training, he could make for one of the most interesting platoon players entering the 2008 season.