I am in a PPR league, but am hoping for a late draft position myself so that I can execute this particular strategy. I think its an even better idea if the league's scoring format gives you a point per reception. If this is the case, I would certainly grab Andre Johnson & Larry Fitzgerald. Not only are they elite wide receivers, but both have quality QBs and a big drop off at the 2nd WR position on those teams. These are the Go To Guys without question. Calvin Johnson would be a close third, but injury concerns have me choosing Fitz.
Alternatively, if you are not in a PPR league, consider the best WR as well as the best available RB, because there may be some 2nd tier WRs still available by your next pick such as a Dez Bryant, Greg Jennings or Mike Williams (TB). Although, the same can be said for 2nd tier RBs that may be available by your next pick as well, such as a LaGarrette Blount, Peyton Hillis or Ahmad Bradshaw. All these names have an ADP (avg draft position) of about 28-36, making them possibilities for your next series of picks.
Good Luck! Hope this helps.