There are two different directions that an observation of a pitcher's stats can take you. One direction is understanding what kind of player he is and what you can expect from him. The other direction is figuring out his value relative to the price assigned to him.
Ideally, we ought to be able to trust that the creators of this game have priced each and every player in the database correctly. That is to say, they've been given an appropriate price relative to the ERA you might expect from them. So, while you'd be fooling yourself to think that the site administration has such a deep understanding of baseball statistics that they've been able to price every player correctly, they've done a reasonably good job on the vast majority of players.
My advice to you as a new player, is to go ahead and trust the pricing system for now and concentrate more on simply understanding what
type of player each is. You can use $/IP as one of your sorting categories. This will give you a good idea of overall effectivness. From there, you just need to decide where you want to allocate the majority of your player's effectiveness based on the ballpark of your choice. Example: If you're playing in a +HR park, you'll want a large part of the pitcher's effectiveness to be in the area of preventing HRs.
Once you're good at doing that (and once you've established that you're having fun) do some forum searches on 'normalization' and the different stats. There's plenty of reading material out there. Just don't be frustrated if you don't understand all of it. I doubt that anybody understands everything prefectly (and if you ever submit a ticket you will realize that 'anybody' includes admin
).