I can see the logic of grabbing him around 2.12/3.01, but there's not a snowball's chance in hell that I'd take him ahead of a Dez/Demaryius/Graham/Green right now. In leagues that require 3-4 WRs, those guys likely give you the same edge over the field and they don't have all the red flags.
Also, quick aside, but those guys don't give the same edge over the field as Rob Gronkowski.
For starters, VBD is a tool with flaws. The biggest, in my mind, is that it sets the baseline as a single player when 12 are starting every week. To illustrate with an example: imagine a position where the top 10 players scored 100, 99, 98, 97, 96, 95, 94, 93, 92, and 50 points, and another position where the top 10 scored 100, 58, 57, 56, 55, 54, 53, 52, 51, and 50 points. VBD would say both top players were equivalent- 50 points above baseline each. In reality, the top guy at the second position gives you a 40+ advantage over every other owner in the league, whereas the top guy in the second league gives you a less than 10 point advantage over the vast majority of the competition. A better comparison would be the top player vs. the average of the other 9, and that comparison yields a score of 46 for the guy at the second position and just 9.5 for the guy at the first position, which is a much more accurate reflection of their true value.
Tight end is an extremely top-heavy position. There are very, very few difference-makers, and the gap between them and the rest of the league is massive. Wide Receiver has ridiculous production at the top, but the number of guys producing at that level is extremely high. Josh Gordon produced 45 points more than the average of the other 11 fantasy WR1s. Jimmy Graham produced 96 points more than the typical TE1. Hell, you could throw out the other top 12 WRs entirely and that's still bigger than the difference between Josh Gordan and the average of WRs 13-36 (~93 points). There were no tight ends within 50 points of Jimmy Graham. There were 10 WRs within 50 points of Gordon. The difference between Gordon and Jordy Nelson was smaller than the difference between Graham and any other TE in the league. There were 2 tight ends within 80 points of Jimmy Graham. There were SEVENTEEN receivers within 80 points of Josh Gordon. Julian Edelman scored closer to Josh Gordon - IN STANDARD SCORING LEAGUES - than Tony Gonzalez did to Jimmy Graham.
In short, the top receivers simply do not provide the difference-maker potential of Gronk and Graham, and VBD doesn't accurately reflect their positional dominance. Even acknowledging that VBD is a poor tool to measure the two TEs, though... Rob Gronkowski's VBD per game in 2011 was 8.9 points. At the time of his injury in 2012, it was 7.4 points. At the time of his injury in 2013, it was again 7.4 points. So even using the flawed VBD metric, Rob Gronkowski has topped 7 VBD per game in each of the last 3 seasons. Here's how many seasons over 7 VBD per game Green, Demaryius, Julio, and Dez have COMBINED over their entire careers: 0. Not one. They have only even combined to produce two seasons over six VBD per game- Demaryius this year had 6.6 VBD per game, and Julio was on pace (over 5 games) for 6.3 VBD per game. Calvin Johnson has fewer career 7+ VBD per game seasons (two) than Rob Gronkowski (three). So even acknowledging that VBD underrates the top TEs compared to the top receivers, Calvin is the only receiver who has managed to produce VBD totals anywhere near what Rob Gronkowski does in every single non-rookie season of his career. And Calvin's four years older than Gronk.
And if Graham gets moved to receiver (I'd put the chances at maybe 10-20%), that gap is just going to widen. You can say that the other top receivers offer huge difference-maker potential, but other than Hall of Fame running backs, nobody offers difference-maker potential comparable to Rob Gronkowski's. And even if his career is shortened due to injuries, Hall of Fame running backs are rarely productive past their 30th birthdays, either, and yet they still somehow seem to be worth a 1st round pick in startup drafts...
That's actually a good way to think about it. Think of Gronkowski as a running back. Like a running back, he simply produces a bigger advantage than any other player at any other position. Like a running back, his career might well be shorter, and he might miss more time to injury during it. Like with a running back, the advantage he provides is well worth the risks, which are currently overblown.