Fantasy Upside
If starter Levine Toilolo were to suffer an injury then Pascoe is currently slated to be the Falcons' starting tight end. But that's where his upside ends.
Fantasy Downside
Now that Tony Gonzalez has retired, OC Dirk Koetter figures to use more three-receiver formations that utilize the speed of Harry Douglas rather than the size of his tight ends. Pascoe has never caught more than 12 passes in a season and has totaled 100 yards receiving only once (2011 with the Giants). Even if Toilolo were to be injured, Pascoe doesn't have the tools to be a reliable receiver and third-stringer Mickey Shuler has shown more pass-catching ability anyways. Thus, Pascoe is more of a blocker than a receiver and won't carve out a role in this offense.
Bottom Line
Avoid Pascoe in your drafts. The tight end position simply won't be featured in Koetter's offense and he has a young Toilolo blocking him on the depth chart.