IMO, if we don't win the super bowl, it won't be because of our WRs. Would he be worth a first, yes. I even agree, if we really needed a WR, I'd part with Cleveland's pick for him, he's that good, but to be honest, the only thing keeping our offense from being great, is a running game we can lean on.
And JMO, Owens may be 33, but has shown no signs of slowing down. I believe he has atleast 2 or 3 pro-bowl seasons left, and good WRs can be found on the open market. Over the last few years Plaxico Burress, Santana Moss, Randy Moss, Laverneous Coles and Javon Walker have all become available over the last few years.
Draft a WR early, let him develop for a few years, it's not like we're desperate for a WR, and then make a decision.