A TE that can run as fast as most WRs and change the game similar to Gates in San Diego... He may not be a need, but when looking at getting the best player available he's definitely a part of the equation.
If there's 1 player at #5 who could change Favre's mind about retiring, it would be Davis. Just think about having receiving weapons of Driver, Gardner, Walker (hopefully), Franks and Davis all lined up... Now that's a scary thought for any defense!
TT has already stated that the draft is about the best player available, not about filling holes. He said that in context of whether or not he'd draft a QB at #5, but that definitely translates for a TE of Davis's caliper. I think TT's analogy is perfect -- even if you have a team full of guards/forwards and need a big man, you still draft Michael Jordan.