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I will second wOBA and WRC+ for hitters. For pitchers, FIP, BB/9, K/9, and K/BB.
None of that is the be all end all, though. For example, I have one sim where I play in Comiskey park in 1932. It has a park factor below .800 for homers for both righties and lefties, which means that it is more than 20 percent harder to hit a homer there than a normal park. My team also lacks power. Sabermetrics says to have your three highest hitters by wOBA in the 1, 2, and 4 spots in the order. I play more traditionally in that park and have a 1 hitter who can get on base and run followed by a 2 hitter to move him over and 3 and 4 hitters who hit for a high average so they can drive him in from second or third. My team is never going to homer, so why play for the three run homer? It isn't coming.
The moral of the story is that you always have to consider the context.
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