I'm by no means an expert on historical play, but here are some thoughts on the Niekro example. The following are some of his stats from 1973-5 and the NL league pitching stats for that period:
Code:
Year ERA WHIP BABIP ERA+ FIP L-ERA L-WHIP
1973 3.31 1.237 .256 120 3.76 3.67 1.331
1974 2.38 1.115 .259 159 3.04 3.63 1.357
1975 3.20 1.295 .288 118 3.81 3.63 1.360
These numbers say to me that Niekro really only had one stellar year of the three mentioned - 1974 - and that his success in 1973 and 1975 was due to the defense backing him. The WHIP numbers in those years don't show someone much better than league average, especially if one considers that the league ERA and WHIP include all pitchers, including those marginal pitchers who made only a few appearances.
It looks more as though defense is the culprit here, but that ties in with well-documented concerns by many on this board regarding how defense is calculated and operates in historical play.