I'm curious how frequently owners are actually running into the restrictions? Just glancing at the pitchers, yes, the 1920 limit severely limits your choices if you're working with Babe Adams, Walter Johnson, or Pete Alexander, but that's 3 pitchers out of 48. 4 if you count some lower quality Herb Pennock seasons.
I ran into occasional frustrations with the restriction, but not enough to take the joy from the $100m theme