I come from this school of thought. However, you are missing the boat on this one. You can make all the percentage performance calls you want, but you need to take into account floors and ceilings. Maybe you are, maybe you arent, but the floor for somone like TO is the same cieling as the player Chase is going to try and nab as his WR later in the draft. What does this mean?
First, let me throw out the "TO could get zero for the season" point. Is there a chance? Sure ... the same chance that you will be able to predict Fred Taylor's injury history with a 6-sided die. You can go back in time and give a probability based on historic events, but there is no way to predict future success (or failure). Feel free to try and prove me wrong. Also, take a look at the years TO got 0 points because he was suspended all season. Add up all the potential points TO lost because he needed to sit out 4 weeks for drug use or beating his wife. Dont forget to take all of that into consideration.
Drafting TO means that upfront you will get a starting WR in your lineup. The floor for TO is a WR3 every week he plays. There will not be a matchup ever throughout the season that you would not start him. TO is about as dependable as it gets with respect to fantasy points scored week in and week out. Take a look at his targets throughout his career if you would like. Im not even going to bother showing TOs ceiling with respect to other WRs as well as comparing him to equal ADP RBs. The proof is in the popcorn, and you should get yours ready.
Also, when you decide to "pick up WR talent later in the draft", you dont just pick up 1 WR. You typically pick up 3 WRs hoping one will come around and outperform his draft position. Well guess what? You just wasted 3 draft picks on 1 starting lineup spot. Those 3 picks could have been used to on players with huge upside like Mewelde Moore, Marcel Shipp, Tatum Bell, and (dare I say it) Willie Parker. Being able to "reach" for players like these is where the true value of FF drafting is at. Not having to worry week in and week out which WR you are going to start because of matchup is a luxury, that when done right, allows you to backfill you roster with possible stars are more volitile position, like RB and QB. Not to mention it is 10x easier to trade RBs that performing WRs. That is a whole different topic as to why I like to fill my roster with 4-5 WRs and RBs galore.
I hope you continue to win your league, I hope you continue to roll your die for double damamge, and I hope you continue to keep a closed mind about drafting techniques with respect to understanding players and players situations evaluated on the Fantasy Football field, not from the fans view.
Good luck to you,
JAA