I've done this recently, with a 10 team redraft with a whopping 10 bench spots, with 2 QB, 3 WR, 3 RB and a flex.
1.7 Dree Brees
2.4 Larry Fitzgerald
3.7 Victor Cruz
4.4 Julio Jones
5.7 Dwayne Bowe
6.4 Antonio Gates
7.7 Antonio Brown
8.4 Roy Helu ( Yahoo glitched, I picked Jeremy Maclin and it gave me Roy Helu, a few other guys in the draft chat mentioned Maclin was selected and they tried to pick him and they ended up with other players.)
9.7 Josh Freeman ( He was the last Tier 4/5 QB left)
10.4 Donald Brown
11.7 CJ Spiller
12.4 Jacquizz Rodgers
13.7 Malcolm Floyd
14.4 Coby Fleener
15.7 LaGarrette Blount
16.4 Kendall Hunter
17.7 Ryan Tannehill (Was the last starting QB left period, even Skelton was gone before him, even Locker was gone, who wasn't named the starter yet)
18.4 Kendall Wright
19.7 Isaiah Pead
20.4 Brandon LaFell ( Could have gotten Cobb, felt better about LaFell)
21.7 Cincinnati DEF
22.4 Alex Henery K
You gotta let the draft come to you in some ways, but I will agree with the OP, WR just seems to be the better value when other teams are making runs at certain positions. I also think it makes a difference that I was the only one using the strategy in this draft. I will say this, I've tried this upside down in three other drafts this year and a few mocks and at some point, you will have to reach for a QB, even if it's for your depth QB.