You just have to take best available. But in my opinion if you take Graham you basically can not take a QB until late unless you hit jackpot on your next 2 picks at WR and RB. But even then you are behind the curve.
This I agree with 100%. Even if Peyton falls to the 2nd or 3rd I don't think you can take him because of what it would mean to your RB and WR core.
Not exactly the same, but I'm in the middle of a Best Ball draft with several industry types and I opened Demaryius/Gronk/Ellington/Rodgers. I'm fine with that, especially in Best Ball (where getting anchors at QB and TE frees up roster spots to grab lottery tickets at RB and WR). The Graham drafter started Graham/Ball/Cobb/Cruz, which is also a pretty strong start; he easily could have subbed Peyton in for Cobb in the 3rd and still been fine, imo, though grabbing Peyton in the 2nd would have really left things dire at the other positions.
Of course, industry drafts aren't exactly typical in how far the top QBs usually wind up falling. In most drafts you won't have a shot at Peyton in the mid-3rd or Brees/Rodgers in the 4th (or even sometimes as late as the 5th).