If you think Watkins is elite you should do whatever it takes to get him. I realize that eliteness is debatable right now, but I'd err on the side of treating him as such. How much short term VBD is worth getting an untouchable player. Buy cheaper RB to fill a hole. There will be a not-as-sexy name like Moreno, MJD, or Johnson who will be producing RB1 who you can trade for in Nov if you need a push. Losing your league because you didn't have "the guy" is rare. Next year Lattimore or Michael could be worth the same or more than Forte, and Watkins is almost guaranteed to be.
"IS" elite?
How can Watkins be an "elite" NFL WR...when he's not even an NFL WR yet?
Will he be elite? Could be. Does Watkins have a
significantly better chance of being elite compared to the guy at the 1.04? Depends, but the guy taken at 1.04 could end up being elite as well.
Some guys live up to the hype, and some don't.
If you perpetually "err on the side of" guys becoming "elite" prematurely, you're likely to strike out as often as you make contact.