Boone Logan's value?

When I look at Boone Logan's statistics, I cringe. His career ERA is 5.78, his career WHIP is 1.69, and opposing batters have hit better than .300 against him. Yet, he's been packaged twice with Javier Vazquez in MLB trades so presumably there is a value to Boone Logan.

He throws with his left hand and is 6'5 - both characteristics attract attention for pitchers and in combination can be valuable. Randy Johnson taught MLB that tallness equals less reaction time for hitters because the release point of the throw is several inches closer to the plate. Unfortunately for the tallest among us, for height to matter pitching ability is still required.

There is difference in Loogan's production dependent on the batters faced.
Logan's splits, provided by Baseball-Reference.com:

.           AB  SO   BA  SLG  OPS
    vs RHB  267 37 .337 .528 .937
    vs LHB  256 65 .266 .398 .732

No MLB manager would want a pitcher who gives up .337 batting average over his career, which is how Loogan performs against right-handed batters (the majority of MLB hitters). Only 21 players have career batting averages better than .337, it is remarkably high. Logan should be a LOOGY, a Lefty One Out GuY, he should not pitch to RHB and should only ever pitch to LHB. It's a narrow specialty he should focus on if the Yankees have a bullpen spot for him (Damaso Marte served very well as a LOOGY in the World Series, taking down LHB Chase Utley and Ryan Howard in key AB).

What is the value of a LOOGY? In November, the Cubs signed John Grabow to a two year, $7.5 million dollar contract.

.                    AB  SO   BA  SLG  OPS
Boone Logan vs. LHB 256  65 .266 .398 .732
John Grabow vs LHB  518 146 .263 .378 .707