It's hard to isolate any one rating and make an absolute rule like I'd never consider anyone with a rating below X in a category.
You'll do better looking at all the ratings & balancing rewards against the risks.
I notice makeup having the biggest effect at the end of careers. Higher makeup seems to mean a slower decline.
It seems to matter during development, too, but I'm not as sure. I've got prospects with low makeup coming close to their projections and prospects with high ratings falling way short. Training helps all players, not just those with low makeup. Coaching, playing time, promotions, injuries all impact development, too.