If we get to wait until seeing the result of a PA before deciding which is best, then I choose homers. They're better than everything else.
But if we're talking about PAs that haven't happened yet, and choosing between Ks and balls in play, give me balls in play. As an outcome, they're better than Ks, even if sometimes a ball in play results in 2 or 3 outs.
Disagree? Let's have a computer sequence 1000 consecutive random balls in play, restarting every third out, and 1000 Ks, again restarting after every third out, and see which results in more runs scored.