I think Comp picks are A factor, but not THE factor in our decision making.
For example, guys like Jimmy and Pierce are probably going to sign in the first few days when FA opens, whether with us or somewhere else. At that point, you'll know their value and could probably reasonably "guesstimate" what kind of pick you'd get. Since we're normally shopping in tier 2 in FA, I'd expect it to be a consideration, but not a huge one. Maybe you pass on signing a $3-5M depth player later in March, in order to keep that 5th round pick.
Plus the Ravens normally like to wait on some of these roster cuts, which don't impact the formula.
One of the reasons I think the Ravens love the Comp picks so much is also because we rarely have any real money to spend in FA, so we need to focus on the draft by necessity anyway. That's not necessarily dramatically different this year, but we're not as hamstrung to the draft as we have been for probably the last 5-10 years.
That being said, while the Ravens have a very lengthy list of UFAs (14 by my count, excluding Judon), I'm only seeing really two guys who will fetch anything in FA... Jimmy and Pierce, and I wouldn't even close the door on Jimmy returning at this point either. I think pretty much everybody else is going to be signing short term deals, little to no guaranteed money, and nothing that would rise above a 6th rounder in my opinion.
I think the Ravens will certainly sign at least two UFAs in free agency... likely as many as 3-4. If that's the case, it'll be difficult, in my eyes, to be landing much more than 5th or 6th round comp picks this year.