It might be a bad bad idea, but....
As I said before, K/BB ratio is really his only bad stat, and there have been many successful pitchers with bad K/BB ratios.
Eric Milton was a hard throwing lefty. I would rather have a soft tosser, since they tend to give up less homers. Lowry only gave up 12 last year.
To answer Baseclogger:
I respect you response that he was not that bad, but he will be awful in the future. I could see that happen. But I could also see him staying close to the same. His numbers say so many different things about his future, but I understand why someone would be scared to get him.
In terms of his home/away and what I think he would do in a Reds uniform:
In eight games at homer happy parks, he gave up 6 homers (which would translate to 22 homers in 30 starts) and had a 3.93 ERA. If you assume that GABP is the worst, then he'll probably give up 28 homers (the same as Harang and Arroyo) and a 4.5 ERA. For a back of the rotation, that is pretty good, and better than what the Reds have now.