If you need to rebuild at team, that's a good start.
Or better yet, just build the team around Luck.
That's a much better start.
I take Luck at 1st overall, Then draft his Stanford teammate O-lineman DeCastro who's a fine guard with my 2nd round pick.
Then invest in TE's that have some speed with my 3rd and 4th round pick (another stupid blunder was Miami not drafting Jimmy Graham but instead took Edds... lol). A great tight end is a young quarterback's best friend. And I'm sorry, but Fasano won't cut it. I will give Luck everything he needs to be great so I get him that seam-busting tight end target over the middle in year #1... the Falcons brought over Tony Gonzalez for Matt Ryan early in his career for his development and it's the right (and smart) thing to do.
Remember that if we pick 1st overall, we have the 1st pick in EVERY round. So those are high picks all around. I also find the best damn Right-Tackle money can buy in free agency next year.
I place my whole draft on building the offense around Luck and his talents for a west-coast style offense. Forget about defense, the defense can wait. It's all about giving Luck all the weapons he needs to succeed early in his career. And I set the entire draft for offensive players, similar to what we did in the last draft... I do it again if we get Luck and build around him right from the get-go
That's how I'd go about it.