I look at it like a team with great shooters in basketball. If they're really talented and create their own shots, but you start scaring them into taking shots, they will start passing up open looks. It will then mitigate their ability to create and make shots.
It's the same way with a QB throwing to talented receivers. If you start lecturing him about trusting his receivers to go up and make a catch, he's going to start getting gun shy and you will be wasting your receivers' talent. I don't think there's an in between... either you trust him to throw the ball up and let the receivers go get them, or you don't. You have to live with the fact some balls will be underthrown or that you might see a mistake early in the game. To me, with the Bengals' receivers, it's worth the few extra interceptions because their receivers make so many plays and the Bengals score so often. And when you have a great defense, you can afford some mistakes.