Remember when LeBron was drafted and Cleveland said he was going to be playing the PG position? Maybe the solution is to just make him your PG. Trade for Stephen Jackson, make him the SF guarding the other teams small forwards, play Mo Williams or Delonte West at the 2 guard exclusively with no offensive initiation responsibilities and play LeBron at the point.
I think if you go with LeBron at the point guard spot then you need to go big on the wings. I don't think there's any advantage to it if you're playing a Mo Williams or a Delonte West alongside him. But put a Mickael Pietrus type player there and then some good things can happen.
The opposing team's point guard who have matchup problems defensively. He'd be stuck on a much larger player giving Cleveland some additional options offensively. But defensively is where the main gains could be had. LeBron James is one of the best defensive players in the league against point guards, he can take many a point right out of the game. Then you have his rebounding at the point, plus the rebounding of two athletic wings and the big's contribution, and you can have an elite rebounding lineup too.
However, you lose those type of advantages by playing a Mo Williams or a Delonte West at the two guard. That takes away the matchup advantages. So if James were to be moved to the point, I'd want to see those players leave the club.
Personally, I like James best as a small forward. I think it gives him the most freedom and allows him to be more self-centered which suits his game. Not sure it makes his team any better than he would be at the point, but I enjoy watching him at that position more so then the point.