My viewpoint on this for whatever it may worth is this:
First of all there not a boatload of kids throwing 88 to 94 much less over 94---the majority of the kids in the 92 and up range will be drafted so we can pretty much take them out of the formula
If you can find kid throwing in the 78 to 85 range and they can "pitch' they will succeed at the college level---there also many arms throwing in the mid 70's who succeed in college
Also the point was made above in a post that a 75 MPH arm today in two years may be a 80 MPH arm
Another aspect is that a 75/78 arm that can pitch can be very effective at the college level if used in conjunction mid 80's arms on the staff
For us we would rather have a "pitcher' than a "thrower" --sure we like velocity but if the velocity does not come with control, movement and location what good is it
Just my thoughts