Chris Wallace has always been a terrific evaluator of talent but poor judge of what makes an equal trade. Remember that rumor that surfaced in 2001 that Wallace wanted Tony Parker, but was rebuffed, and was forced to take Joe Forte instead?
As for the topic at hand, Mike Miller is one of those rare guys who produces at or above the price of his contract. He is a valuable trade chip but a terrific piece to hold on to if Memphis elects to make a playoff run in the near future. However, trading for Beasley (whom they would take with the #2 pick) would indicate that they are focused on solidifying a core for the future. Trading a 27-year old Gasol also suggests the direction Wallace would like to see his team take.
I'm kind of shocked that he would dangle a rookie, soon to be sophomore PG in Mike Conley. He barely played his rookie season due to injury. And in the action he did see, he displayed in spurts what he can bring from the starting PG position. Someone like Kyle Lowry should be far more expendable. I think giving up on Conley would be too risky, along with the #5 pick and Mike Miller, all for Beasley. It's just too much value, youth, and talent, going out the window.