I like Lawson and Faried as players, but I don't really think either player fills a need for this team any more then the assets we'd be giving up to acquire them.
1) Lawson is an undersized PG who is a good ball handler, can score in bunches, and is a pretty good passer...but a highly questionable defender. We already have that in Isaiah Thomas. Lawson really is a pretty minor upgrade.
2) Faried is an undersized PF who is fairly athletic, is a strong rebounder, and is loved for his hard work and toughness. Between Bass and Sully, we basically already have everything that Faried offers, and our roster is clearly saturated at the PF spot as it is. Again, I like Faried but think he's a fairly minor upgrade over both Bass and Sully, all things considered.
3) One position where we don't have much depth is SG. Bradley and Smart are basically the only guys on our roster who can play that position, unless you count James Young (who is still far too green to spend significant minutes there). If we made a trade like this, we'd then have to try to find a starting caliber SG to replace Bradley. Or we'd need to start Smart, and find a backup SG who can give us what Bradley does (about 15 points per 36 minutes and some excellent defense to go with it). That's probably not as easy as it sounds.
4) This trade is already not really helping us much as it is, but to throw two first round picks in there as well? Considering what draft picks are worth on the market these days, versus the relatively small upgrade we get from doing this trade - really not worth giving up two 1st rounders for such a modest return.
5) In the past, the idea of getting rid of Wallace would make you at least think about this trade, but at the moment even that isn't worth it. At the conclusion of this season (which for us, is basically now) Gerald Wallace's contract turns from a $20M/2 to $10M/1. That means that as of this off-season, Wallace's deal very quickly transforms from a liability in to a significant trade asset. A $10M expiring contract isn't too easy to come by in this league, and they are highly valuable commodities. Gerald Wallace is also the perfect type of player to attach to such a contract, because his can sit on the bench and provide veteran experience/leadership to a young team (the type who will normally be acquire such a contract) without having to take minutes away from your existing youth.
If were were a team that was really lacking at PG and PF (and had redundant talent at SG) then I'd have no hesitation making this deal. Unfortunately though, the opposite is true for us. Out back court is pretty good, but is only three deep...and out most redundant position is PF.
Our big needs are SF and C, and Faried doesn't help for either spot. If he could start for us at SF then maybe, but given he has only made one single three-pointer in his entire career (out of 11 attempts) having him at SF wouldn't do much for our court spacing.
I think this is the perfect example of a trade which looks good on paper, but falls apart in practice.