Yea, the whole thing clearly works both ways. McGrath was obviously one of the best bowlers of all time, but he had fantastic support from the pace department alone (and then the spinners/Warne). The pacemen not creating havoc in the batting line up would then affect how Warne was viewed by the batsmen as a result, and their figures would suffer as a result (which is not entirely, but partly, why top spinners sometimes don't have great stats outside the subcontinent - because their respective team's pace attack is poor).
The whole thing is cyclical. You need some top front line bowlers (your McGraths and your Warnes), and then you need someone like Gillespie, Fleming etc to back them up. You can't just have, in isolation, one good/great bowler and then bad support. Alternatively, you can't just have a bunch of support bowlers and no top bowler to lead them.
Srinath wasn't a bad bowler, but he never had the support and as a result his figures look far worse than I remember him as a bowler (injures etc not withstanding).
As I said in another thread, you just have to look at the Indian bowling line up right to see the progression.
Which pretty much makes Hadlee the best bowler of all time, I reckon.