Well, considering we would go from #5, and three late round picks (most of whom never sniff the league) to a player in the NHL who is capable of 40 points, plus two picks in the top 50 (picks who are far more likely to make it to the NHL than picks in the 4th, 5th, or 6th rounds), yes, it makes sense. Each draft is different.
If we knew that the next Keller was available at the pick, maybe we don't do that deal. But if that upside isn't clear, we may get one potentially very good player at #5 or three good players in Coyle and the additional picks. We have some development time to work with, so subtracting the 5 pick isn't great, but adding pieces that can make up for it can. Maybe this is the 2011 draft (Ryan Strome taken 5th OA), and the players that we could potentially grab in the 2nd are the likes of Kucherov, William Karlsson, Mayfield, Jenner, Gibson, Victor Rask, Saad, or Salomaki. Just because you are taken high doesn't guarantee success in the NHL and given our track record, maybe it is better off to throw a few good pieces on to the roster, as opposed to just one very good piece.
Edit: The last 8 forwards taken in the NHL draft at #5 OA from 2004 - 14 have averaged 56 points over an 82 game season combined. This includes a list of players like Wheeler, Vanek, and Kessel. So, yes, there may be a great player out there, but Coyle averaging 40-45 points per season, plus a late 1st round pick and a mid 2nd round pick would actually be pretty close in the end and it may end up being that both of those picks make the NHL, at which point I would tend to favor the more picks scenario. But again, very close and it is somewhat dependent on the upside available. Is Wahlstrom or Tkachuk likely to produce at a Blake Wheeler or Phil Kessel level, or are they closer to Ryan Strome or Nino Neiderreiter?