If you get the right player, any player acquisition helps. Its the hit rate of getting the right player plus the cost that is the problem.
Ted did not abandon FA, he just used it infrequently. He used it when certain (Woodson, Peppers) in dire need (Pickett) or in dire need but suffering from a head cold (couple of safeties, Frank Walker, Brandon Chillar). If the hit rate is the same as drafting (and what I have read said its about 50%) then its vastly more expensive than the draft with no more certainty.
If you have no choice, you are going to get hurt worse than in the draft. Going after role players makes sense since they won't be signing in the dumb money portion. But I would not mind the Packers getting in on more FA tours early in the process just to see what happens (and I think that is what BG was talking about in his press conference). But to make that pay, you have to be certain and hit better than 500.
I definitely think they could do more trades and fill some gaps in depth. I don't want them trading many draft picks though unless they are going to start dumping vets like the Pats do to get the picks back.