Not if the defense is flooding the middle of the field and the flats in the zone. Any defense playing Lloyd would be suicidal to not dedicate a corner and a safety to him. You take your chances with the Gronks, Welkers, and Herandez's, as good as they are, and a slower death. If Lloyd can consistently get open vs. one on one coverage downfield, the Patriots are suddenly breaking off chunks of yardage and scoring at a quicker rate (thus shortening the field for those TE's and Welker). Any defensive coordinator would be right to dedicate two guys to Lloyd, cut off the downfield threat, and force the Pats to sustain longer drives so that their offense has a chance of keeping up on the other side of the ball.
EDIT: Pretty dumb and dorky example, but think about it in terms of "Return of the Jedi". Gronk, Welker, and Hernandez are the Star Destroyers, Lloyd is the Death Star. Going head on at the Star Destroyers, you won't last long. But you'll last longer than you will against that Death Star.