Technically, there's still a chance we reach the 4th in the standings; but, barring a collapse from the teams above us, would it be better for us to lose the first play-in game and fall to 8th? The road to the Finals would essentially be the same as if we were the 5th seed, only you would play the Sixers in the 1st round and play the 'easier' team in the 2nd round. If you are the 6th or 7th seed, you essentially have to play all 3 of the Nets, Bucks, and Sixers.
The added benefit here is that you actually get to take on the Sixers and we have seemingly had their number for years. Of course landing the #1 seed would have been ideal, but the 8th seed might not actually be so bad. It might even be considered 'better' than the 2nd or 3rd seed (home court, not withstanding), if you consider the Bucks/Nets a worse match-up than the Sixers - who you would definitely see in the 2nd round.
I realize this is all fantasy at this point, and talking about a Finals run probably seems laughable to some people, but it's never over until it's over. However, the season ends, let's just hope we win a play-in game!