I'd buy a young and talented (if somewhat "unproven") winger, who still has the possibility of improvement left, as a possible first choice winger. I'd certainly play said winger over, an already declined, Walcott.
Maybe it's just me, but don't see how it's all that hard to find better candidates than Theo... with all his space marking and little-to-no impact... Malcom is certainly included in that list, but I also think that Lookman is as well.
If it's purely a question of 'finite resources' and priority to spend, I'd agree that Winger isn't it.
If the question is Theo Walcott... it's just a hard no.