I can't really disagree with any of what you say here. At worst, he is probably a serviceable #5 starter. Obviously he has a lot more upside than that, but it has been frustrating to see his breakdowns over the years.
My main argument earlier in the thread has to do with the comparisons between hm and Cueto. Even after today's outing (which I failed to acknowledge a couple posts ago because I was blatantly unaware of the day game) I would still much prefer Cueto to Bailey. That could change of course, but I take exception to those that think it's even close at this point. Johnny Cueto has improved his ERA by almost half of a run each year, and is a legitimate #2 starter right now. Homer may have the potential to get there one day, but his performance both in the past as well as this year suggests that he is not yet approaching that level.
Games are won on run differential -- scoring more than your opponent. Runs are runs, scored or prevented they all count the same. Worry about scoring more and allowing fewer, not which positions contribute to which side of the equation or how "consistent" you are at your current level of performance.