Re: Compensatory picks
If the player signed has more value than a 3rd round pick, then sure, I'd be in favor of signing them.
My worry would be if they signed a different kicker than Rackers and something like that cost us the 3rd round pick. That I would not be in favor of. One potential option (though not likely valid with our salary cap issues) is to sign a player but then cut them before week 9 so they don't count for the compensatory picks (at least it sounds from what I read they have to be on the team or IR for 9 weeks to count).
And no, you cannot get better than a 3rd round pick from compensatory picks.