i usually like a high make up especially on younger players who have a long way to go to reach max category projections. It matter less to me if the prospect (usually a college player) is already close to his max projections or at least the ones you feel are important to his position or role with your team.
Even with high training budgets I have had low makeup veteran players tank pretty after age 34/35, but not always.....keep scratching my head. It's not an exact scienece.

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.