I don't know that I entirely agree with your reasoning here. Obviously I'm not an adcom and would probably slit my own wrists before I ever did that kind of job, but I have done a fair amount with residency selection. I would say that "any publication even in an open access online-only journal with an APC" is looked on much more favorably at our level, and a letter about "he's a good researcher" from a PI is essentially worthless.
I would argue this: getting a published anywhere (even a "bad" journal) is an accomplishment. It is difficult. Even the best papers in the best journals that I have authored have taken an extraordinary amount of work, writing the manuscript, arguing with reviewers, dealing with editors... it's really hard, no matter how good or bad the journal is. I'll echo SouthernSurgeon's comment and expand slightly - sometimes it is harder to get published in a lower-level journal, because the quality and interest of their reviewers are lower. I did have a paper this year that was rejected three times, and ultimately published in a far far better journal, because those reviewers "got" what I was saying, whereas the others didn't seem to take time to think about what I wrote.
I read a lot of posts (primarily from undergrads) on this board about research. I see all the nonsense about how only high-level journals count. I also see all the bragging about how "I published in Nature/Science." The truth is that none of them published in those journals; they were assistants for some guy who published in those journals, and were fortunate enough to get named as an author.
I was research-heavy all through undergrad, med school, and now residency. I always thought I knew a lot about research. But this year, having to design projects, draft protocols, defend them to the IRB, perform data collection, do my own stats, write manuscripts, submit them to journals, defend them to reviewers, deal with publishers... well, it's only been in the last year that I realized how little I actually knew/know about what it really means to do research. The undergrads on SDN don't really understand research (as evidenced by their posts), but I don't criticize them much because I was the same way a few years ago.
So long story short: you walk into interview with my residency, and you have a paper in the Journal of Open Access Pay-to-Publish Sri Lankan Orthopaedic Society, I'm still going to give you a nod of approval. If you walk in with a glowing recommendation from the President of the ORS detailing what a good researcher you are, but no publications, I'm not going to be impressed.
And I can tell you, most of our staff, our PD, and our Department Head would agree.