Those are the two issues he has, and both are easily correctable if your coach isn't a QB Killa like Petrino.
Seriously, they'll get that fixed in the NFL, but he'll probably need to come into a situation where he can sit most of his first year and then try to start in Year 2.
He has all the tools, and he has the cajones to stand in the pocket and take a hit.
Luck is definitely more NFL ready. I see him as more of a Matt Ryan type, mainly because he's been running basically an NFL system under Harbaugh. That's why Ryan had such a smooth transition. He had the tools and didn't have to learn the NFL style really. I would take Luck first. Then I'd probably take Newton, followed by Mallet if I'm a GM. I'd try to turn Newton into Vince Young 2, without the head case issues.