Otto Porter would be a good fit, but you draft value over fit at #1. Noel has the greatest value.
Noel is raw, but calling him a "project" is a bit much. Porter can make a more immediate impact, but that shouldn't have any influence on the pick. The Cavs are a long way from needing an instant impact player; long-term value is what matters. When you consider the fact that being worse next season increases the odds of landing Andrew Wiggins, Noel's not having the same immediate impact coming off that ACL injury is a plus for a team that's not going to be very good anyway.