I tend to think of the 80s as an "avoid the bad card" game while in the 70s it's "find the good card." This is partly because there are more players out there in the 70s and you can do a bit more shopping and dropping, and also because a lot of expensive players 70s players have only three very good seasons or perhaps even only two. So you more or less have to do some shopping if you don't get the more sure-fire picks (e.g. Stargell) in your draft. Moreover, with a great card or two on the likes of Otto Velez, you can sometimes get lucky just when your shopping is getting desperate by cashing in a high-priced player.
So...that said, Cedeno can be a viable choice. His two best cards are clearly worth the money and even some of the lesser cards can have a good payoff. I haven't used him much but won a ring with him in CF with his 76 season (.811 5L), which looks icky on the face if it. He was a borderline performer early on and I considered dropping him several times but he came on strong later (as did my whole team) and ultimately gave me 623 AB, 35 HR, 107 RBI, .291 BA, .849 OPS in Riverfront. It wasn't an awesome season, but productive, and given his defense and the fact that it was a lesser year (and that he helped a somewhat marginal 92 win team come away with a ring), I figured I got value for money.
[url]
http://fantasygames.sportingnews.com/baseball/stratomatic/70s/team/team_other.html?user_id=45645 [/url]
I think the key is that if you get his top seaons he's definitely worth it and if you get a lesser year he may overperform his real-life Astrodome numbers--but if you need the cash and have to drop him you can do it without too much remorse. In some ways he's a bit like Grich in the 80s--he may be a tad overpriced, but that makes him often available at a 'short supply' position, which has a value in itself. Overall, I don't think I'll often be drafting him but if he's the best available waiver pick he's worth a shot.