I don't think Cochrane was a bad choice because I think (though am not by any means sure) he really won it as player/manager. It was his rookie year as skipper and he took 1933's sub- .500 team to 101-53 and the series.
Having said that, he didn't deserve his 1928 MVP either really. Goslin and Manush seemed to be a lot more productive, and Ruth and Gehrig were certainly more valuable, but were ineligible.
Peckinpaugh was a pretty lame choice, but it shows how much defense was valued back then. I don't think Bob O'Farrell was a good choice, and he barely won over Hughie Critz- and check out Critz's two top 5 finish seasons and tell me if they scream MVP at you defense wizard or no.