In my 16 team league (non-ppr, start 3 wr/te) last year I drafted both Driver and Jennings from GB. These guys were supposed to be my WR2 and potential WR3, but I made the horrendous mistake of drafting Randy Moss as my WR1, so basically Driver and Jennings became my WR1 and WR2. It actually worked out great until Jennings got injured.
Obviously drafting 2 wr's from the same team who you project as starters is only feasible if you know the team is going to air it out during the season.
I'm not a big fan of drafting 2 wr's from the same team when both guys are high draft picks, and thus they would be your WR1 and WR2. To get CJ and Housh you're looking at drafting these guys with your 2nd and 3rd round picks in most leagues. This carries way too much risk for my liking, because if Palmer goes down, you're basically hosed. If you get CJ in the 2nd round and Housh is still available in the 4th, it's more palatable, but you still have alot of risk, and you're likely going to be in a tough spot during the Bengals bye week. Also remember that when Palmer has bad games where he throws for 0 td's, you're not getting much production out of your top 2 wr's.
Last year I got Driver at the top of the 5th round (incredible value) and then picked Jennings like 5 rounds later. If you're going to do it, like the poster above, I advise you to only take 1 wr high, and get the other one in the later rounds. This way either your WR1 or WR2 will be on a different team.