1st no question. frankly I think the premise is silly.
The premise has some merit, as in the GM who picks second in this Draft will never be accused of picking the wrong guy, but that's largely an image thing, which shouldn't really concern a competent GM. However, the flexibility and power that the first pick provides should not be undervalued.
It really doesn't have any merit. Any GM in the league wants the opportunity to be wrong.
I just think there are certain GMs that are very mediocre, very image-concious, and simply don't want to look stupid. Look at the Nets, who were fruitlessly trying to win games so they didn't look bad. There are some pretty poorly run franchises out there.
Edit: I guess a better way to phrase my original comment would have been to say that I can understand the logic behind wanting the second pick.