yes

there are many good quality AND good values pitchers under $5m who throw at least 150 innings.

how about 200+ ip?

Yes.

is it ok to mention names?

You can see a lot of names if you do a search in the draft center.  150 min IP, $5M max salary, ordered by (say) ERC#.

Dig around the forums for how to search for pitchers....there isn't a right answer but most people use some combination of:

bb/9#
hr/9#
ERC#
WHIP#
ip/162
ip/g
OAV#
$/ip

I am assuming you are playing in an OL, if it is a progressive it is a slightly different beast.

why #  and not +??

Been awhile since iv been in the baseball forums but if memory serves me right the # is the RL number after the + number has given in... say if you have RL for 2.34 BB/9 and a +75 then the BB/9# will be maybe like 3.11 BB/9.... The + number is the severity of the affect, also known as normalization i believe.

I prefer + to #. according to ERC+ Joe Black and John Denny come out on top though I can't recommend them because I've never used either one. I also use OAV+ WHIP+ OAV and WHIP. the actual results seem to be somwehere between raw stats and normalized stats so I use both. HR results are closer to the raw numbers so HR/9 is more significant than HR/9+ or HR/9#. I also consider pitchers batting stats to be very useful when deciding a close call.