5th round receivers aren't exactly non-factors. Wicks, Nucua, Iosivas, Shakir, Demario Douglas, Mooney, Renfroe, Slayton have all been taken 5th or later in the last five years.
Like all 5th round picks, your odds are low, but that's the time to swing. Why waste a high pick on a dude who would be (at best) the 4th guy getting targets?