This does sound good, except I don't know what you mean by "cover the TE." I've been watching Giants games a long time and I'm pretty sure you're not allowed to do that.
You know, it's funny... I've read the same thing and I think he'd be super interesting to watch... but I also wonder if he's the straw that stirs the drink... would the whole defense fall apart when he's inevitably out for 6 weeks? There's also the whole, "if you have three positions, then you really don't have one..."
For the record though, I love him as a player and I'm not even sure I subscribe to those two ideas.