I don't think I'd be comfortable signing him for any extended period of time without seeing him for another 10 day contract. There is a reason this kid hasn't been in the NBA the last couple years and its because he lacks the ability to score and can be turnover prone. I, like everybody else, love his versatility and physical skills but its just too soon to commit to him (especially with the buyout being March 1st). Besides if he isn't confident enough that he is going to be able to show enough after another 10 days to stick around, I don't know if I want him at all.
If he takes another 10 day and shows promise and that his time in China has helped his game develop, then by all means sign him for the rest of the season. I'd be hesitant to go for any longer than that, but if the kid works out and shows that he can live up to his previous billing he could be a good asset on our team, as a part of a trade or freeing us up to move one of our more expensive SGs. So really signing him beyond this year is all up to Danny and any moves he expects to be making in the future.
I envision him being a part of our playoff run for the rest of the season and moving on next year (unless he is willing to sign an unguaranteed contract for next season, which I'd jump on).