About the Cy Young thing, I dont really see that much competition from other pitchers in the AL other than Schilling really. As you said, if he can stay off of the DL and can get over the 200 ip hump, he has a great shot at it.
Even though he doesn't have his old velocity, he has shown flashes of his former self (like in his last start), so if he can shake whatever ails him, he'll be even better than we expect.