Ultimately I see it as a possibility, but I'm still hesitant. With Butler, Minny seem to firmly be in win-now mode (granted, likely not to win anything of note). If they get the #1 pick and take Ayton, they're likely going to be waiting a year or two before he truly hits his stride - unless he weirdly comes in as a 20/10 guy like KAT.
If they take Doncic, however, I could see him coming in and contributing to wins right away. Next to Butler and Jackson (and Wiggins I guess), that's a pretty awesome core of wings, with two who can handle the ball. Jackson, in the last 29 games of the season, was averaging 18.5/6.1/2.1/1.3/0.7, which is pretty awesome. Not sure how they'd manage the minutes (maybe relegate Wiggins to the bench to try and light a fire beneath him, and have the offence run through him with the bench unit).
For PHX, assuming they aren't enamoured with the prospect of uniting Doncic and his national coach alongside Booker, Jackson and Bender, I could definitely see them making this trade.