A couple things worth considering.
I would certainly consider him, but I think that his play isn't worthy of the 20th pick in the draft. If the Bears move down or he's available in the 2nd, yes, I'm game.
Secondly, he won't be Tebow, but like it or not, he'll be a significant distraction throughout training camp for both the staff and every player on the team. Every player on the team would have to figure out how to deal with being asked about Te'o, both because of the GF issue and because Notre Dame and the Chicago Area sort of share the same media market/fanbase at some level. That's not a disqualifier, but it's again, something to consider.