The most efficient use of money for pitching is to go with 4 * pitchers who can work on 3 days rest. That allows you to spend more on hitting. I myself frequently like to have 5 or 6 pitchers to mix and match. One player Petrosian freqeuntly goes to 6 pitchers and uses cheap pitchers with multiple BP HR's for uses in pitcher parks where HR rating = 0. For instance look at Bob Knepper, wherever his #HR symbol is in Polo grounds those are always HR's in Forbes or Griffith they are always outs. This gives a big advantage on mixing and matching to your opponent but allows less for your offense.
Defense is always important and becomes more so the stronger the hitting rating of your park. If you are at Polo again and have what would have been an out be a hit, all those Ball park home runs come back to kill you, so an error out at Forbes becomes error 2 runs in Polo. Still, you can't force yourself to only take the very best defensive players because there are not enough good ones for every one to take, but enough to fill most of the key positions.
The top players always in demand for their combo of hitting and defense are:
Willie Mays
Robin Yount
Ozzie Smith
Al Simmons
Carl Yastremski
Duke Snider
Eddie Collins
Nellie Fox
Gary Carter
KikI Cuyler
Joe Jackson
Tris Speaker
Ernie Banks
These guys ( and there are several I'm sure I missed) are the hitters most frequently at the top of many draft cards. You'll probably want at least one of these guys on your team