Re: "Billy Hamilton and other really fast guys"
I don't know if this fits - i might have posted this before but i cn't remember i'm too old - bill james had a stat to see how much a stolen base was worth relative to slugging percentage: stolen bases - 2 (caught stealing) x.66 = total bases.
In Billy's case 155 Sb's - 2 (37 caught stealing) x .66 = 54 total bases
You add that to his 215 total bases and you come up with 269 total bases divided by 512 and you get .512 as a slugging percentage.
I like the stat cause it's quick and dirty and it factors in the effects of getting caught and not moving up runners (the .66 value).
The other side of the stolen base argument is Theo Bowe- he added little value to his overall stats with the use of the SB (relative to effecting his SLG percentage) 58 - 2(28) x .66 = slightly more than 1 base.
I also believe there is more value than maybe the stats show - station to station baseball is boring and i have often wondered if that played out in the error column of the opposing team. If you know you're playing against a team that never pushes things - i would think that might come across in the amount of errors that occur.