If it is PPR I would consider Buc Williams, but I think the choice has to be Mike Wallace here.
To see what kind of production Mike Wallace could produce in 2011 I think you have to look at his last 9 games of 2011. In all of these games, Ben Roethlisberger was back from suspension after missing the first four games of the season. In the last 9 games, Hines Ward was no longer Ben Roethlisberger's safety valve. Ward became more of an outlet option compared to Wallace's big play ability. Wallace simply breaks off deep plays, He led the league last year in 20 plus and 40 plus yard plays.
Now, the 60 receptions could be a bit concerning. However, I expect that number to increase. His fellow receiver Hines Ward is busy doing a Roethlisberger impersonation and having off the field issues. Ward was arrested for a DUI. Like I cited before in this post, look at those last 9 games of the season. Wallace's targets increased from 5 a game in his first seven games to 7 targets a game over the last 9 games. The Steelers got him the ball more often, and started working him more over the middle. He is on a good offense with a solid QB and RB, and he has electrifying ability. I'd prefer Mike Wallace in 2011.