Would you be wiling to give up a 2nd rounder for

That should be the goal.  And I understand you do need some veteran FA's too.  But the ideal is for Poles to make the most of the draft so there is a constant inflow of fresh rookie talent, and rookie contracts.  Do just what you describe there, Chuck, and keep the guys (your own guys) that you want extended and try to have a young kid in the pipeline to replace the others.  That's how the Patriots would do it and they would get the compensation picks (some years they'd have 10 draft picks) - or they'd trade some of their guys and get compensated that way.  Then with more bites of the apple in drafts you can afford to have a few misses.  

The opposite of this model is to buy older vets at "full retail prices" either by trading away your precious draft capital, or just having to pay out for more expensive contracts.  I'd do the "wholesale" thing as much as possible and do this with drafted rookies.  Keep this model going forever with the fresh inflow of young talent, instead of getting to a point where you are overpaying for aging vets (the old Bears GM model that got us into cap hell with a mediocre team).