I'm a big Tyrus Thomas fan. Sure, he's not the player he should be with those gifts, but neither is Josh Smith and he's still a very valuable player.
I can't see Charlotte seeking a sign and trade with him for Big Baby though. Baby's not restricted and I can't imagine any team valuing him above the MLE. Why give up an asset when you don't have to? Especially Tyrus Thomas, who, though flawed, is significantly better than Baby on both ends of the court.
Now if Charlotte is interested in Jeff Green, sign and trades make a lot more sense. Green's restricted and probably has value over the MLE to some teams (Charlotte could be one of them - Green would be a big upgrade on Dante Cunningham).
I would be very interested in a Thomas/Green trade. They're the same age, they probably have similar value (athletic bench forwards with untapped potential) and I like Thomas better on long-term deal. Thomas is a mcuh better power forward than Green (more powerful physically, much better rim protector and rebounder) and with Pierce locked in at the 3, I'd rather cap space go to the 4 spot. Not sure Charlotte would be crazy about the trade though.
If faced with the prospect of losing Green for nothing I'd also do Green for Diaw. Diaw's only got one year on his deal, so he wouldn't cost us cap space in 2012, and he's a slightly better fit on this team than Green. You can legitimately run the offense through Diaw off the bench.