I think it is fair to do, but you must use specific criteria:
1) Where each of the players were ranked officially as opposed to where they were selected. In this context, it doesn't matter if a player turns out to be Jerry Rice and you took him in the first, if he was projected to go in the fourth, you could have taken him there or in the third.
On this criteria, I think you have to give Jerry an "B+". He missed a chance for an "A" by passing on a higher ranked running back (on his own draft board)
2) Judge based upon whether the draft made the team better. If you got value picks across the board, but they're all tight ends, well you didn't help your team.
Here, I'd give Jerry a "B-". They got the RB and CB help they needed, but went TE in the second round and didn't resolve WR, the most pressing need.
So, combine those together, add some points for picking up a 3rd and 4th next year, and I'd give Jerry a "B".