He is WOLB. But, he's still the best pass rusher in the draft, and as much as I want Wake to be the guy, I don't know that he's going to be a 3-down OLB. It'd probably make more sense to draft Graham or Griffen and then get WOLB in the 2nd or 3rd (assuming we're drafting OLB in the 1st). But, if the Dolphins have Hughes as the BPA at OLB, I think you go BPA. If the Dolphins have Graham and Hughes rated about the same, I think you go Graham and look to draft your WOLB in the 2nd or 3rd.
If we don't sign a FA safety or NT, and don't draft FS or NT in 1st round, at LEAST 1 has to be addressed in 2nd and 3rd... unless Hughes is still there then I think you've got to take him.