That is what I'm suggesting. The formula for comp picks is a mystery but the largest component seems to be the new players salary. It can mean a lower comp pick, or one less comp pick altogether. Those low picks nearly always translate to a rostered player as well as another number in the numbers game of the draft so I think the value is not insignificant.
I guess all I'm saying is that free agents like Peppers and Guion who were cut should be valued higher than free agents with expired contracts all else being equal. Of course you're right that all else is never equal but with how difficult it is to find value in free agency I like going after cuts.