Let's point out the obvious. Tannehill being moved to wide receiver at any point in his career after such a high draft pick and our history replete with disappointments at quarterback represents a colossal failure by Dolphins management to finally fix the position.
Having said that, I am encouraged by the notion that he has position versatility. The same way you can take an offensive tackle who struggles and turn them into a guard (i.e. Robert Gallery, who excelled at his new position), it seems that Tannehill has the requisite athleticism and experience to shift to wide receiver. His measurables are also fantastic at 6'4" 224 lbs. After watching Gruden's QB camp episode with him, I also like the apparent passion he has for the game, which lets me think he would do whatever the team asks him to and work diligently at it.
Let me state for the record that I am very happy with the pick and cautiously optimistic of his chances to succeed. The fallback option though of shifting him to receiver lets me know that we won't have to cut him after two years like we did with Philip Merling. Everyone knows we don't need another draft pick to wash out, but at least there could be a potential silver lining here. Who knows? Maybe he ends up a better receiver than quarterback. I desperately hope not, but it's gives me some extra hope.