That would have been crazy.
If there was a GM that was confident enough in their scouting team and trading skills, then the 4 1st round picks could turn out way better, even if the picks aren't 1st overall.
I know hindsight is 20/20 but it's fun to see what a skilled scouting team could have possibly come up with.
After Vanek's offer was matched, the Oilers went after Dustin Penner, in which the Ducks declined and ended up with the 12th overall pick, which was later traded back to edmonton, which eventually ended up with the Sabres, who picked Tyler Myers.
If the Sabres weren't high on Teubert at 13th, they could have taken a smooth skating Swede drafted at 15th named Erik Karlsson.
So from 2008 draft, Sabres could have ended up with Myers and Karlsson.
The 2009 draft wasn't great, and let's assume that Edmonton would have done a bit better with Vanek, and Buffalo a little worse without him. The 10th and 13th pick might have been switched around anyway, so Sabres could have ended up with Kassian and Paajarvi. Kreider was the next best winger available. But if the Sabres wanted to continue to build from the back end out (like how Nashville has), they could have drafted Ellis and Leddy. That would be nice solid future top 4.
2010 draft would have have been gold for Buffalo if Edmonton had finished near the bottom. Even if they didn't get 1st overall, Seguin at 2nd would be huge too. If Buffalo's pick was a bit higher (because they would be rebuilding instead of trying to make the playoffs), they would have had a shot at Schwartz or Terasenko.
With the 2011 draft, if the pick happened to be top 3, RNH, Landeskog and Huberdeau could have ended up on the Sabres. Sabres may have taken Armia still with their pick since they would be desperate to find a RW/right shot to fill the void from Vanek, but that was a weak draft for RW.
But with Ryan Miller in peak all star form, it would be hard to a GM to decide to go with a re-build. Mind you, having Myers, Karlsson, and Hall/Seguin would have sped up this process.
But Sabres now have Eichel, Mittelstadt, Nylander, Ristolainen and Dahlin to build around.