Although Otani is a high-risk signing, the risk is minimized slightly in the fact that the odds of him being a bust as both a pitcher and a hitter are lower than if he was only one or the other.
If I was GM I would put my resources towards the best combo of talent/value among the available starters. I think they have enough options in-house to fill the void(s) in the corner outfield spots. By default one of them will have a better year than Bautista did when you factor in defence and baserunning. Pearce gives some insurance if the group of Hernandez, Alford, Pompey, Smith, etc struggle at points in the year. Maybe there is a low cost signing to add to that group as well depending on budget.