I wouldn't be disappointed with Lee.
However, I think I'd rather have Moncrief all things considered, if they were going wide receiver at that point.
Bigger, faster, more explosive, younger...I don't think that there is a single thing that Lee does that Moncrief doesn't do better, plus he's got the much higher ceiling due to his two year younger age difference and his substantially bigger size and speed.
I'm still a little befuddled why Moncrief isn't showing up more as a potential Chiefs pick on some of these drafturbator lists. He's got as much upside as any receiver in this draft including Watkins and Evans. In fact, I think that he's going to end up the best receiver out of this draft class. (Take that Jordan Matthews fans.)
I just found a little 2014 WR draft class sweet 16 battle. This one actually features Moncrief vs. Lee. (No one picked Lee. Moncrief in a landslide.)