I understand he was getting very old and Drake was only 21 at the time, so you may be right.
My only reservation is that:
#1: A franchise can NEVER pass on a potential franchise QB when they need one. It's not allowed anywhere, and Belichick is too smart not to realize that.
#2. Despite people saying Belichick had a penchant for trading 1st rounders, he never did that when he had a pick in the top 3rd of the draft. He never traded back. Instead, he understood that this was the Blue-Chip portion of the draft, so he never traded those picks. It was only in the bottom 3rd when you see a lot of 2nd round grades masquerading as 1st round guys that he regularly traded back.