I don't know about "most overrated starter of all time". Seems like an easy claim to make but a difficult one to measure or back up.
That said, you and I won't disagree about whether he is still useful for this club. He's not. Bargain Basement Tim should be a pitching coach in Greenville or something...
I'm hopeful that Theo gets the strong reminder that he needs to boost the pitching on this club. Dice-K is a non-factor for 2012, Lackey cannot be relied upon for anything, Lester is a very, very good #2, Buchholz should be okay and Beckett put together his best season yet (but is notoriously inconsistent). I see 2-3 starters who should be better than average and 2 spots that need an overhaul.
If Theo wants this offense/defense to get the credit they deserve (a World Series) then he needs to bolster the rotation.
When was the last time the Sox had a pitcher who was a consistent strike-thrower/innings eater who went deep into games consistently like James Shields is this year? I don't mean "good" pitchers like Beckett or Pedro or Schilling, I mean a decent pitcher who gets the most out of his stuff with effecient pitches, few walks, groundballs, and 7-8 IP? I assume that's what they thought Lackey would do, but he hasn't. He throws softballs.