I often think that if I were a GM my priority with the later round types would be production. I'd be looking for "undersized" or "lesser athletes" or any guys who manage to get bigger numbers and impact than they should. As opposed to the guys who have the measurables but not the production.
Not sure how well that would work out admittedly. Just something that occurs to me every year when we hit the later rounds. I think that would make for some interesting analysis too, if one were to have enough time to try to draw some parallels between production and hit/miss rate in those latter rounds. Strikes me as interesting article material at least.