No, that's a dumb strategy, for this reason: a low first rounder is very likely to be a big waste of money. A large proportion of them never pan out (
go back and look!), and they get three years of guaranteed money. If you pick an American kid, you're stuck with him (unless you've got the nads to do what Jerry Krause did with Travis Knight and just let him walk for nothing). If you pick someone in Europe then it's win/win: if he turns out to be good, you bring him over
when he's good, and you get the value of a higher draft pick for a low one, without having to pay to develop him. If he turns out bad, then it costs you no money.
The second round, on the other hand, is the place to go for the good four-year college player who's short for his position or who might be a good role player. Then you can get him in camp and decide if he's good, and YOU set the terms of his contract.