Personally, I don't subscribe to "boom-bust" being a thing. If you think a player's flaws -- let's say skating, in particular straight line -- are overblown or fixable, then why are you envisioning the bust? Pick the best player with the best chance to hit his ceiling in volume and let the rest sort itself out. If you chase the guys with gaping holes in their games in the high rounds, you usually end up with nothing. Risk absolutely varies, but chasing it isn't smart either. Chase the explanation for why it's LESS of a risk: underappreciated scoring impacts, class relative age, size bias, etc.
Ironically, some of the absolute best late 1st-2nd hits like Robert Thomas and Jason Robertson......weren't on the flashy risky end of the spectrum. I thought Frost was a safe-ish pick his draft year! If anything, it was a matter of taking not sexy, but complete, players who shattered their ceilings.