I should probably start by making an open admission. I have a definite bias. I think everyone can see it if they read my stuff for long enough, but I might as well admit it in the interest of full disclosure. I think teams are almost better off spending money on position players. A large part of this is a reduction in volatility, but some of this is just the life of an Astros fan since the early 1980s. The Astros have almost always been a pitching rich organization, but offensive production has lagged.
That being said, if the right position players are targeted they can also impact the pitching through their defense.