If you would post his projections it would be helpful (even though your advance scouting is only $14m). That said, as it is now, this guy might be the 25th man on my team (which is a competitive team). Your team might be different, I don't know what your plans are. But looking at your ML roster right now, you've got at least 4 starters better than him (Carillo, Quantrill, Molina, O'Rourke, not necessarily in that order) and 2 other potential starters who are about as good (Huang and Marrero). That means you could make a 6-man rotation that wouldn't really be helped by bringing this guy up right now.
Now given that this guy is entering his 5th pro year and his makeup is good but not excellent, I imagine he has some developing to go but not a huge amount. Still, his control should easily exceed 80, his split versus righties could be in the low 70's, and his split versus ies might get to the mid-to-high 80's or possibly even break 90 if I'm guessing correctly (again, I can't see his projections). It looks like he might not get any pitches over 80 (maybe #1 might creep up to exactly 80) but he will have 5 decent pitches which is good. His low velocity and below average flyball tendancies will hurt him, but overall, I think you're looking at a fairly capable pitcher by age 24 or 25. I think a mistake was made by having him skip rookie ball (since then he could be entering AAA for the first time this year and would have no threat of stagnating), but I think with a patience rating of 51 and a makeup of 77 you should still see pretty good development by leaving him in AAA for another year and bringing him up next season. If you're looking to be competitive this season, you can bring him up as a reliever, but bear in mind that his growth may be stunted if he starts to struggle at the big league level. It's up to you, but I would be patient with him and leave him in the minors until he gets a bit more seasoning (unless he stops progressing at AAA, in which case he's probably stagnating and I'd call him up).
So I'm sorry for the lengthy post, but the long and short of it is that he's no better than your current starters, so I'd recommend not burning an arb year this season (especially since your team only won 87 games last season but still won division by 9 games, meaning you can take some liberties this year and still trump your weak divisional competition). If you're worried about keeping up with the jonses, you can call him up and put him in a relief role, but I think it would be an error to place him in your rotation.