Moyes has watched him several times and I've seen him play for the last few years. Belive me, you have nothing to worry about. Tottenham, west Brom took gambles with Championship players and look where it's got them.
I know I'm biased, but in my opinion (and several other Wolves fans) he is a better player than Davies and Dawson.
If Lescott had played in our Premiership season then I'm sure the fee you would be looking at would double.
You have yourselves a bargain.
Enjoy!