I would say there is room on most rosters to pick up Bowe as an insurance policy for  playoffs. He would still be better than any waiver pick going forward and would be rated no lower than a low #2 type receiver for weeks 15 and 16. Really would depend on your roster.  I've been waiting for him to be dropped in some redrafts to pick him up. If twelve teams or more or leagues that start Three receivers I would pick him up.

If you only start two receivers he may never see your lineup but it would still be good move to block someone else. I would rather see Walter going against me in the playoffs than Bowe. If you post your starting requirements and entire roster there will be a clear cut answer. Maybe you have someone less valuable than Walter that can be dropped? IMO he should be picked up in most cases with the bye weeks gone and most trading coming to a close you cannot ignore his potential upside. Again, even if you do not use him, he won't be able to be used against you.