I'm not huge on Wafer. He takes a lot of shots and had a bunch of attitude problems with the first coach that ever let him see the court. I don't mind taking on guys with issues and baggage, but not as my spot up shooter for a handful of minutes during the season. I like his size better than Eddie's, but let's be serious, they aren't asked to do much. SHOOT! That's all we need from this particular roster spot. Everything else is icing. I wouldn't make a move like that, especially knowing how much the crowd and the locker room loves Eddie.
I think you really captured the essence of the issue - Wafer is a risk/reward play.
He just turned 24 and has prototypical size for the position. He has displayed the skill sets of a very solid starter - good shooting, very athletic, low turnovers - on a playoff team, but for only one season. May have attitude problems, or might have just been overcome by emotions in his first playoff (Baby cried on the bench, is that an attitude problem or was he overcome with emotion).
Eddie is a known commodity. Undersized, great shooter, poor handle, good teamate.