I see one problem though:
The Jazz need that #1 guy. They have these potential borderline allstar players and role players already on their team.
Problem I see with Hayward, even though I may be wrong as I'm rarely watching full Jazz games, is that he isn't exactly good at beating his defender and creating high% looks for himself. That can allow his defender to overplay the passing lane, taking away a strength. And I don't really know how much untapped talent Favors has offensively. By getting the top5 pick you ensure that you don't have to worry about any of this with a high probability. With the supporting cast already in place you won't have the 3 year drought like the Thunder had, allowing your new hero to learn through individual mistakes while the rest of the team ensures that you win enough games to be close to the playoffs or in it.
I totally agree that the Jazz winning games has put some guys here in an apocalyptic mood and overlook the depth of the draft, but the Jazz aren't really interested in guys that can be valuable #1 options unless they can use that guy to acquire a #1 option. I wouldn't expect them to be able to lure a #1 option in free agency.
That premise is easily understood. However, IF we have a good enough supporting cast to contend and a good enough coach.. I can see a #1 option coming to Utah if paid the MAX. Get the money, the credit, and the fame of not only winning a championship but the franchise's first. That legacy angle could most definitely be sold.