If the goal was to get a jump on the Bobcats in the race for the No. 1 pick next season, the Raptors did wonderfully.

Grade F
Source: cbssports.com

Bryan Colangelo loves to go international in the draft, so it should surprise nobody that Valanciunas is heading to Toronto – just maybe not right away, given his contract issues and the impending lockout. Valanciunas' complicated buyout situation will likely delay his debut, but when he does suit up for Toronto, he'll give the Raptors some much-needed size and rebounding. New coach Dwane Casey preaches defense, and Valanciunas shows the instincts and aptitude to develop into a solid starting center. He needs to get stronger and refine his post skills, but he fills a serious need for Toronto.
Source: Foxsports.com

President and GM Bryan Colangelo nails the half-court shot here, as Valanciunas became the apple of almost every lottery team's eye in recent days. He might not be available to join the Raptors next season, but he can man the middle for Toronto for a decade to come thereafter. He's a skilled and efficient scorer who can still fill out his 19-year-old frame.
Source: SI.com

Does Jonas Valanciunas project to be the best all around C in this draft and if not for his buyout would he have gone higher?

If teams knew he was fully available, he would’ve been the No. 1 pick.
ESPN's Ric Bucher