Sure. While Iginla is rising and may well get picked around 4-6 if the right team is sold on his upside.... It's also easily arguably that he isn't.
This draft is about as wide open from 2-8?9? as any in recent memory.
But that's not the point. GMs don't make decisions the way fans do. Relationships matter tremendously and significantly influence their assessments... As do things like market fit.
Look at Hughes & his former clients (relationships), or a big driver in their rational in picking Slaf (his mental/emotional makeup to handle the Montreal spotlight & pressure (market fit).
Conroy would be not only gambling on his 5th pick hitting, he'd be risking assets to move up and, if Iginla was still on the board (as with this scenario), taking the massive risk of Iginla hitting and being selected with the pick he gave up quality assets to move out from.
All of this playing out over a 3-4 year window when the Flames will desperately need some strong positive PR (contentious publicly funded arena gets built in that time, while the current roster is handcuffed by Treviling's parting gift).
It's about as lose lose a scenario as a GM could self inflict...
Plus, there is literally no GM in the league that knows Tig the player and person as well as Conroy does.
Factor it all together, and that scenario is about as unlikely as it gets. Far more likely would be Conroy being willing (& supported by ownership) to be aggressive in moving up to ensure they get Iginla.