Fantastic thread with some great discussion.
Just coming from a slightly different perspective, isn't there some level of risk in every single playing list decision? We are all very aware of the risks associated with players that are traded to the club because they have an AFL history we can all revert to. Relevant to drafted players, it ultimately doesn't matter what number any player is drafted at - they are all a risk that involves (once you add coaches time and resource allocation to that player over and above their actual contract) an up-front investment of at least 400k in the first two seasons alone before there is any major return on the initial investment (honorable exceptions to the likes of Joel Selwood who made an immediate impact when drafted). It ultimately doesn't matter if the player was drafted at pick 70 or pick 7, if they do not become medium-to-long-term senior players of value, they ultimately represent a poor investment.
Using that logic, if the recruiting staff identified specific players that possess the necessary skills-set that they believe will become senior players of longevity, with medium-to-long-term value for the club, I personally don't care what number they are drafted at. The theory behind the talent identification process, as alluded to by Doc and mjp, is a different topic altogether and one worthy of a separate thread. But the actual draft number a player is picked at is really of no consequence once they get to the club. Opportunity costs are a little over-rated and over-analysed when you consider how many quality AFL footballers are running around today that were rookie listed or taken late in the draft - the likes of Harbrow, Boyd and Morris were overlooked by every single club (including ours) multiple times over before making their way onto the list. Are they lesser individuals that the likes of Cooney and Griffen, purely because of their draft position?