There are a lot of qualities I like about Pedersen, but few of those are what I require in a winger. He has little pace, at least not the burst required to get round a player and his crosses can leave a lot to be desired.
However, as stated he's an excellent goal scorer who has plenty of qualities that have made him a desired commodity. He can pick out that killer pass, he has a fabulous first touch, he's surprisingly good in the air and his direct free kicks are deadly. I'd be tempted to try him out in central (attacking) midfield - he certainly has the engine for it, and it'd keep keep him in the game more. Out on the left he's allowed to drift out of the game when he feels like it, something a team of our calibre can't afford.