The CFL draft certainly has a fugacious aspect to it, a CFL story that will have little immediate effect and will promptly be forgotten by the time training camp opens. However those during those recent Ticat seasons, those 3 and 16 ones where a Jason Maas less universe was just a pleasant future possibility, the draft was important, because the pick was generally high, the team would be bad that season, but a good offensive lineman could help in a couple of seasons when the team would hopefully not be in the basement.
The Cats have the fifth overall pick, plus a bunch of lower ones. From the reading I've doing, a receiver seems a possiblity, but never count out an offensive lineman. Probably the easiest way to get a sense of what is going on is to read Duane Ford's various TSN posts. Here's a Drew Edwards article advancing the pass catcher theory.
Mark Masters at the National Post has a story suggesting the Cats could draft University of Ottawa quarterback Brad Sinopoli. With the Cats having only three quarterbacks going into camp, it is not inconceivable as Sinopoli could easily sit on the practice roster all year as the fourth guy and marketing ploy. However if only the Cats are interested, they could not draft him and just invite him to camp, blowing the last round pick on some other project. Who knows. Masters also has a mock first round draft.