To support Michael's point, look at Keider Montero. He doesn't have a high strikeout rate but he's been very effective. He keeps the ball in the ballpark, doesn't walk many hitters, and induces weak contact. That's what you want from a pitcher.
I'll admit I'm biased toward pitchers with high K rates, especially relievers (because I like relievers who miss bats rather than give up a lot of contact), but Michael is right, there are a lot of below-average pitchers with high K rates out there (e.g., Flaherty)
who keep getting chances.
Peter