Holding the 24th overall pick, it's questionable what WR talent will be available for the Colts. Considering the fact that the next pick is in the third round, holding off on WR is risky. But, just like Grigson taught us last year, there's talent all over the draft. TY Hilton (4th round) turned out to be a stud putting up excellent stats, especially for a rookie. LaVon Brazill was picked even later, and although his stats weren't that studly, he still has a bright career ahead of him. The main thing we have to look for is what talent is at what spot.
In the first round, I believe that there are only two WR's worth taking- Cordarrelle Patterson and Keenan Allen. Both are big, speedy guys with excellent measurables, hands, and route-running abilities. I would personally take Patterson over Allen, but that's just an opinion. Many people say that DeAndre Hopkins and Justin Hunter are first-round worthy, but both have quite a bit of downside, at least for a "first-round worthy" wide receiver. All that to say, if Allen and Patterson are not there at 24, wait till the 3rd round.
If we do wait until the 3rd to get a wideout, there might be some underrated talent awaiting us. Justin Hunter (Tennessee) could be available. He is 6'4 possessing solid speed and hands. Again, many people say he has first-round talent, and he may not be there in the 3rd. DaRick Rogers is another option (if he slides). He also has good size with solid hands and speed. Thing is, he's had some problems with suspensions while at Tennessee Tech. The last guy I want to point out is Aaron Dobson. Dobson is also a big guy, but he seems to have excellent speed, with probably the best hands in the draft class. If he slides, I would love to see him in Indy.
In closing, I think the Colts need to draft receiver with one of our first two picks. Now, I would not draft Tavon Austin, even if he slid to the third round, because the Colts already have a short, speedy guy in TY Hilton. I believe that if we do go WR, it should be a big guy (like any of the three I named above).