IMHO, those are two independent decisions. We need a #1 caliber WR. As of now, we don't know if Woods will be that guy but he had a good rookie outing. TJ on the other hand, has had two seasons to show what he has and the showing has been terrible. So, in general, I think we draft a WR fairly high if we believe he has the ability to get open, fight for balls, make catches.
The decision to keep or jettison TJ is a separate one. I think he should be given a 3rd season in the hopes he is a late bloomer and becomes a #3 or better.
(none of my post is contradicting anything you said)