I've run across a number of players, usually Milb veterans, who have off the charts power and great eyes, but close to zero contact and underwhelming splits. Here is one example, but there are a few of these guys in every league:

http://whatifsports.com/HBD/Pages/Popups/PlayerProfile.aspx?pid=5069028

My question is, can a player like this (0 contact, 50/50 splits, 90+ power and eye) be a good hitter? Do you have any examples of guys like that succeeding? This seems to be a player type that slips through the cracks and an opportunity for value.

I'm given the guy above a 2 month tryout because that team is going nowhere this season. In a neutral park, could I expect him to put up a .230/.330/.450 line? Or is that optimistic?

They're probably the most inconsistent players you can find.  Over a full season - they may start out .280/.400/.500 over the first month and you'll be thrilled, but they will go through a 2 for 28 with 14 Ks streak that will drive you nuts.

This guy platooned against RHP for me for a while - granted I'm in a hitter's park.

 Hardball Dynasty – Fantasy Baseball Sim Games - Player Profile: Asdrubal Lopez

David Fujiwara - ROY in S6.

Career .800+ OPS in ATL

whatifsports.com/HBD/Pages/Popups/PlayerProfile.aspx

Granted, this player is not near zero contact like you specified, but it might fit the construct- I get really good mileage out of this guy as the platoon guy against lefties / pinch-hitter / defensive replacement -

Player	G	AB	R	H	2B	3B	HR	RBI	BB	SO	HBP	SB	CS	AVG	OBP	SLG	OPS
Scot Craig	93	195	0	57	10	0	17	0	36	26	0	0	0	.292	.403	.605	1.008

Also has fielding % of 1.000 and RF of 10.49 which would have ranked 6th in the ML if he had enough innings to qualify. Not bad for the minimum salary

It seems that the more successful players of this type have contact ratings around 30, based on those examples. Lopez is the only one with truly bad contact, and he has a respectable vR of 59.
Does the combination of vR below 50 and contact below 10 doom a player?

Hardball Dynasty – Fantasy Baseball Sim Games - Player Profile: Ellie Harris only 135 AB but the numbers are decent.    I just see two 0-4 in a row with 6 whiffs and can't stand to put him back in the line-up.

Gerardo Julio was pretty good in very limited action in the bigs. He's been all over the place in AAA. I keep thinking I'll use him as a PH in the playoffs--when I can thin the pitching staff and carry more bench players--but I always seem to find a better use for that spot.

2 seasons ago he put up MVP numbers.

1/5 of the way through this season he's hitting half his weight.

http://whatifsports.com/HBD/Pages/Popups/PlayerProfile.aspx?pid=4766740

Jared Matthews is exactly the kind of guy (zero Contact) you're asking about.  He's been useful.  .805 career OPS

http://www.whatifsports.com/HBD/Pages/Popups/PlayerProfile.aspx?pid=3760567