Redick has two NBA-caliber skills: he can shoot, and he has a quick release. He's also not afraid to take big shots, which is a huge plus.
On the downside, he's not a great passer, his defense is poor, he can't dribble, and he's undersized. And he probably thinks he's better than he is.
At this point, I tend to agree with Edgar's assessment: he's Eddie House. He may have a little more upside than House, but probably not a ton more.
I wouldn't write Redick off, and the #30 pick in the draft doesn't sound that outrageous to me. I'd probably wait and try to sign him as a free agent, but if Danny likes him, it's not like giving up the last pick in the first round is all that much value.
As with any salary, though, salaries would have to work. The only players we have roughly in Redicks salary range are Scal and Tony. Orlando might take Tony, but there's no way they're taking on Scal's contract.