I agree that overall a strikeout is the same as any other out, but I think where the contact and put the ball in play thing comes in is that if you make contact you have at least some chance of getting a hit even if it is horribly weak contact. That's why pitchers who miss bats are so sought after, and why not K'ing is liked so much. A fair amount of hits will come off of batters getting jammed, bloop plays, or high choppers, and squibblers down the line. Roy Halladay seems to give up 2-3 hits off of crappy bounces everytime I watch him. I know there are guys like Maddux,who have been awesome without K'ing people but even his best seasons came when he struckout the most guys.
So I would think you would want guys who K less given all other things equal. Of course that doesn't exactly work in real life since power guys tend to K more, and thats pretty much a rule. In HBD though, you could isolate it since its just a rating.