Ray for Martin and Nocioni? We'd be crazy not to pull the trigger on that.
Think about it - you get a guy who can score anywhere on the floor, has the size to play SG and maybe a bit of SF, and can score at least 15 a game even if he can only score 25 a game on a crappy team. What's more, that guy is 5-6 years younger than the guy you're trading away. Not to mention he makes considerably less money.
On top of that, you get a backup small forward with size to defend that you desperately need.
As much as I love Ray, I'd do that trade in an instant.
That said, the Kings are stupid, but they're not so stupid and insane to trade away Martin and Nocioni for Ray Allen.