I really had no problem with them taking Kjerstad or Cowser because they did spend the money on the overslot guys like Baumler and Mayo.
However, and this is just my feeling, is it feels different when you pick 1-1. I think in this case take and sign the best possible player.
I think history proves that your opinion is accurate. The #1 pick has far more consistently produced than even the #2 overall pick. We're still talking a low expectation, solid player more than star, but that's way better than even one pick later.
It's hard to say just by looking backwards that the #1 overall picks was clearly the top rated guy. Especially once slotting and different signing bonuses started coming into play. But I'd say that if I'm able to identify the one guy that is clearly the best draft prospect, that I'd take that player no matter the cost over the 2nd best guy even if they'll sign for well below slot. I'm very pro underslot with just about any other early pick, but at #1 I take the best guy. Assuming there is one guy that separates, that's not true every year. And in those years I'd be willing to go underslot.