Yeah, I do think that. We have metrics on this sort of thing now that PitchFX exists. .200 on balls outside the strike zone is exceptional. It's hard enough for hitters to hit balls inside the strike zone.
If the guy isn't swinging at the pitch - at least a guy as good as Martinez - there's a reason. He knows he's not going to be terribly successful swinging at that pitch (or maybe the count is 3-0). As an Orioles fan, I get to watch a lot of Adam Jones. The past few years he's generally hit just under .400 on ABs ending on pitches in the strike zone, one of the best averages in the league. Amazing how much better he could be if he could stop swinging at the balls outside the zone. I don't believe that there's ever been an instance where the opposite was true.
I'm not saying I wouldn't ever condone swinging at a ball, for example, with 1 out and a man on 3rd, no other baserunners. The opportunity cost is minimal there - if you do walk, you set up the double play, and with an out you're not all that likely to score at any rate. But in virtually any other situation, I don't want my guy swinging at balls outside the zone.