Flamma
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It's a wash by the traditional value chart. The more sophisticated charts think the Jets win that substantially. Of course, it depends on the details of the particular draft: if we think the player we're targeting at 35 is as good as (or the same guy as) what we'd take at 24, then it could be great. But you are giving up the 5th-year option on that first pick.
Sure it depends on the draft. I don't think the talent drop is as wide from 24 to the early second, as compared to the late 2nd.
As far as the 5th year option goes, yeah you'd be giving that up, but the new CBA has them cost more now under certain circumstances. Besides, being picked in the first round costs a lot more than the 2nd in general.