I have been thinking about this a lot, and this is my plan right now.
If Mendenhall is there at 14, draft him. He is just an amazing prospect right now and with they way RB is valued now-a-days, he could last till 14 (even though he is looking more and more like a top 5-10 talent).
Then, keep our second rounder, but package our two 3rds and a future 2nd (and more?) to move up to the early 2nd or even late 1st round range. With those two picks, go with Gosder Cherilus and Joe Flacco. That, in the first day we get two guys who can contribute right away and in the future, and someone who will hopefully make a big impact on the future.