Good points. Let's play a hypothetical.
Scenario 1: today, where Hayes & Zucc are playing amazingly well and the Rangers are going to pick around 10th.
picks: 10, 20 (Hayes), 30 (Zucc), 40
Scenario 2: Hayes & Zucc stink it up, lower their trade value, but the Rangers are the bottom of the league.
picks: 3, 30 (Hayes), 33, 40 (Zucc)
and then, if you valued 3 as the same as 10 & 20
picks: 10, 20, 30 (Hayes), 33, 40 (Zucc)
So with ballpark figures and a boatload of assumptions, you're right: the tanking scenario is worth about a late 1st/early 2nd. I think the error bars of those assumptions are high enough to swing the balance either way though, but I'll concede that it looks more likely that tanking is favorable.
Call me old school, but I think the end-all-be-all for me is that I think tanking is bad for a team's culture and young player's development. Did the Devils have such a better scouting system than almost every other team that the got top players with later picks (Elias, Sykora, Gomez, Parise), or was it because those players hit their full potential playing on winning teams and spending their young years isolated from the biggest responsibilities? On the flip side - were RNH, Poolparty, Yakupov all much worse than we all expected, or maybe they didn't hit their full potential because that team was a dumpster fire with (according to Andrew Ference) players who shamed teammates for working too hard in practice (yes, an extreme and a strawman - but I'm on a roll here, cut me some slack!
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)?