The concept of range is pretty simple... The higher the range (measured as RRF) at a particular position, the higher the chance for a "+" play on any hit. Such a (+) play esentially takes a hit away from the oposing batter. The lower the range, the more probable a "-" play is on any would-be out. These (-) plays turn outs into hits. Given these ideas, a few conclusions can be drawn.
(1) The lower the OAVG# of your pitcher, the more would-be outs generated and more "-" plays generated.
(2) The higher the OAVG# of your pitcher, the more would-be hits generated and more "+" plays generated.
Taking this a step further, it is clear that range is most useful when your pitching (as measured by OAVG) is worse. It can additionally be deduced, that great pitchers are hurt the most by really bad range.
In general practical terms, "neutral" range (the point where + and - plays balance) in the sim seems to be ~C+ to B- (6-7) on the IF. In RF or LF C- (4) seems about neutral and in CF A- (10) seems close to neutral. For C range makes almost no difference.
In practical terms, the choice of range, is more about whether the $ spent on range justify the cost. That is do the + plays gained in drafting a rangey fielder offset the higher cost, or lowered offense. The conventional wisdom seems to be that if you have great pitchers , range isn't warranted, but if you have more modest pitching range can be very effective.