You bring up some great points. I'm as big a fan of Welker as anyone, but his ridiculous catch counts 07-10 had a lot to do with many other factors (Moss highest among them). Not just his own (significant) talent.
I think that the FO is willing to ride it out a bit longer and see what kind of production there is this year, in the current scheme (which is most likely we're gonna see going forward) now that he's 100% back from his injury, before locking him up long term for oodles of cash. BB doesn't typically like to overspend at receiver.
By all account Wes is having a stellar camp and looks to be more then 100%, which is great. He'll obviously benefit from Ocho's presence as well. Ocho will have a sorta "Moss-like" effect on many teams (certainly mores then anyone did after Moss left last year). He's not going to stretch the field as much, but he is a superior route runner and will certainly command a double-team is many situations. Likewise, having Gronk and/or Hernandaz in there is likely going to drawn some bodies away from Wes too, so I think he'll have a much better year. On the order of 90-100/900-1000....
All that said, I can't see the crazy 110-120 catch seasons returning for Wes. We just don't run the same offense or have the same personnel. I'd love to be wrong, but I just don't see it. On the up side though, I don't think we need him too either.