Belichick always does the unexpected, that's for sure.
I think Hoodie tends to take BPA regardless of position, but if it's not a position of true need, he'll trade out or trade down.
I also think it depends on his strategy for how long he wants to be head coach and/or GM of the Patriots. Personally I think his goal is Five Rings Then Out. So he and Brady can have more rings as a unit than Walsh and Montana and then call it a day.
If he plans to stay, he can worry about QBOTF. If not, I doubt it's as pressing to him.
If Locker is the highest rated player on his board when 17 comes and he doesn't trade out, then I think he takes him.
IMHO, if you look at potential dynasties in the NFL that fell, maybe short of their potential, the Dallas and 49er teams of the 90s and the Packers, it was successive failures draft after draft, esp when the drafting was clearly need based to extend a run versus just reloading.
The problem with the current draft system is valuation of "position" changes the draft dynamic. What the 1st three picks are slotted tends to block out certain positions, even if they were BPA. QBs, CBs, LTs and great D linemen go early not just because they are hard to find, but because the market dictates that their compensation around the league tends to be in line with the slotting. People want to bag on SF and Oakland for taking Smith and Russell, but what if the best player was a linebacker? Or a safety? You'd change the entire market for the position by drafting that position first overall. We see how badly the former GM of the Texans was roasted for taking Mario Williams over Reggie Bush.
IMHO, Belichick takes value in whatever form he can get it. This offseason, I think he trades picks for established players already in the league. Lots of teams need to reload via draft, even if it's a weak draft, and lots of teams, given their worries over the cap and finances might be more prone to dump some talented players. It's a weak draft and he's got the trade ammo for it.