It is not entirely clear how much of an immediate need the defensive line is for the Jets. Sione Pouha and Mike Devito are excellent. Kris Jenkins will be coming back from injury. So will 6'8" 315 pound Ropati Pitoitua, who the Jets were starting to get to play with more consistent technique when he went down. If the team resigns Shaun Ellis and/or Trevor Pryce, there will be no real sense of urgency to upgrade the spot. It is worth noting, though, that all of those guys aside from Devito or Pitoitua are on the wrong side of 30 so some youth for the future could not hurt.
Bailey is built like a 3-4 end. He also has the skills of a 3-4 end. His game is built on strength. He is not a finesse rusher and would need to slide inside when the Jets went 4-3. His combination of athleticism and strength means he would have great potential as a five technique player.
The obvious statement would be he would be a potential replacement for Shaun Ellis. I am not so sure of this. Bailey is still somewhat raw. It is not easy for rookie linemen to step right in and play well in the 3-4. Most take some time to develop. When Bailey gets off the ball quickly, his size and speed make it difficult to meet him with leverage. He is still learning how to time snaps, though. He also needs to learn how to use his hands better and recognize where the ball is when engaged.
I view him as more of a replacement for Pryce than for Ellis. He would probably take a rotational spot and try to utilize his burst and power collapsing the pocket on passing downs. He would move inside in 4-3 looks.