I'd rather give Ray the chance because if he improves his control he is a legit #2 behind Ryu. In Spring Training, Ray's control was excellent. Even when Ray has sucked, his k/9 is double digits. His off-speed stuff is great and his FB is fantastic. He's a lefty that can throw 96MPH and was touching 98mph in Spring Training.
I am not a fan of the rotation because like you said, projects and hope but how many teams have a solid 1-5 rotation? Very few in the league. Even the Yankees are counting on Kluber and Taillon who have thrown very little in the last few years. Kluber's stuff isn't close to what it used to be either. Signing a guy like Walker for 2 years and a player option, so likely three years in total, doesn't make sense to me. Walker is a #4 starter. Jays have a bunch of players that could do what Walker would do. Being locked in for three years with Walker isn't a smart decision.