My favorite mock for the Packers comes from sbnation.com:
We trade our #26 to Buffalo (who will select E.J. Manuel). In exchange, we get Buffalo's 2nd. rounder (#41) and third rounder (#71).
It's a very long shot that any particular trade could take place, but this mock is indicative of a concept.
With 4 picks in rounds 2 and 3, I could see us going as high as our #55 for a WR, more likely a TE, depending on who's on the board. We could still shore up O-Line and D-Line in the process, though I still believe S is a weakness despite MM's rosy assessment of the position.
Otherwise, holding the #26, D-Line would be the odds-on pick in the 1st. round. It's a position of need and good value is likely to be present on the board. Barring trade, I don't see going higher than round 3 for either a WR or TE, and again, more likely a TE if the right guy is there.
We're 3.5 deep at WR, factoring in Finley, but the 2014 issues are relevant. I'd worry more about not re-signing Finley, with no pass catching threat behind him on the bench, than the possibility of not re-signing our #3 WR.