That would be way overdrafting him, and frankly, I'm not even convinced he's better than our former resident "sharpshooter", Quincy Douby. Meeks really just exploded into the scene this year, and like Douby he's had trouble shooting his moneyball--the three pointer--in past seasons, so I don't know if that 41% he's currently posting up is a fluke. It's important for him to shoot it well, because he takes over half his shots as three pointers. To his credit, he gets to the line extremely well for a three point shooter (among SGs, he has the highest combined FTA and 3FGA ratio of total FGs, and something Douby didn't do quite as well)--so he was a high efficiency scorer this year.
But perhaps more importantly, his all-around game is worse than Douby's was in college--he tested quite well athletically (37' vert, strong, with good end to end speed), but that all goes to naught because he's just a terrible rebounder even for PG standards, and he basically only uses it to go to the line. His passing ability is the worst aspect--let me put it this way, he passes the ball like a center; even Quincy Douby, for all his one-man team aspect going for him, had fairly better assist rates.
I think Meeks will ultimately struggle in the NBA--he does seem quite athletic but he's only 6'4" and has the game of a shooting guard, and he has a very poor wingspan so I think he would really struggle to crossmatch with the NBA's bigger guards defensively. Douby put up far better steal/block markers in college, and Meeks doesn't even have a defensive reputation to begin with, so he's really going to struggle in this area. But with his build, technically he should be able to guard some point guards. I like his ability to hit threes and get to the line, but when you consider that his shooting might be a fluke, that doesn't look quite as good. I think he will score easier than Douby in the NBA if does get a chance, due to his ability to get to the line, but he won't establish any traction unless he develops the rest of his game (nonexistent all-around game, negligible passing ability). Overall, I wouldn't touch him unless it was for summer league as an undrafted guy (but if he stays in, he probably won't go undrafted for the reason that he was able to average 23 ppg in a variety of ways, and scouts always go gaga over that). Ultimately, he's really entering the draft a year early (he's a junior) and should really go back to school to at least improve his defense/all-around game.