You've named two exceptions. How about the ton that didn't warrant the pick: Troy Edwards, Peter Warrick, David Terrell, Rod Gardner, Mike Clayton (good rookie year - now flop), Rashaun Woods and Mike Williams were WR than did not run very well and draft in the first round. Now I didn't look at 2nd rounders or go back to 1985 (where you got Rice) to get examples, but I think I'd win.
I'm not saying that Jarrett can't be good, but I would be very concerned if he put up a 4.7. If anything, it would give me concern about his work ethic as this is obviously the major concern of his skills by NFL scouts and should be his focus in training if he has half a brain. My guess is that he will run in the 4.5's which will likely put him in the first round.