What struck me about Lorenzen was the ability to do both in the same game or the same inning. The Reds also have an 18 year old phenom starter, Hunter Greene, in the minors with a 102mph fast ball and first round hitting ability. I don’t think they are looking at him as a two way guy though.
Yes, it seems it would open up some options. You wouldn't have to burn a pitcher to come in for one or two batters, or you wouldn't need to burn a pinch hitter if he was on the bench. In theory, he could come up to bat & then go out & pitch.