Well the thing is, in the end, the veterans' committee is going to let these guys in, so why not just do it at the beginning and not go through all these politics on the way?
I think the Veterans Committee solution does a couple of things. First, it gives some time for the problem to solve itself. See Pete Rose finally admitting to gambling while managing the Reds. Secondly, I think that it is a form of punishment to the players for using PED's at some point during their career in this era. Thirdly, would you elect a player like Rafael Palmeiro to the HOF? I don't think that I would.
I wouldn't use the Veterans Committee approach with all potential HOF'ers, but I think it is an interesting approach for players such as Clemmens, Mcguire etc.
It is an interesting debate with no right or wrong answer really...