I remember Paul Janka saying his lay rate was only 10% which is surprising because he looks like a male model
Exactly my point in comparing cold approach to baseball
I just think the time spent cold approaching could be spent working on your looks, money, status and confidence
While that is a true statement, they all go together. Acquiring more money, spending time in the gym to improve your looks will boost your confidence, which is a good thing. As you get better in your interactions with people, it will boost your status, thus giving you more confidence and helping you with cold approach. It's all intertwined, and you don't have to spend hours upon hours seven days a week going out to get good at approaching, causing you to neglect important areas of your life, which I think is the attitude you have towards it. Again, read the DJ Bible and apply what you learn.
Some people lose their minds after so many rejections
That may be true, but you will become immune to it, and those rejections can show you where you went wrong and what you can improve on based on how they go down. And take comfort that even a guy with male model looks only has a 10% lay rate. That means the other 90% are 'rejections'