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I have done some tests along those lines, but the approach you outlined is more thorough. I'd be curious to see the results.
The numbers you mentioned do kind of support my theory that it matters more on the low end than the high end:
1-60 (59 points) improves ERA by .22 = .0037 points of ERA improvement per point of ability
60-127 (67 points) improves ERA by .14 = .0021 points of ERA improvement per point of ability.
That's not linear.
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