I think we should get a backup PG for depth purposes, but I question if anyone out there is going to give more production than Eddie House will at the spot. House is not a point guard and has infuriated me over the years because of this fact; however, come playoff time, if he wants any minutes, they're likely going to have to come at the 1 spot. And before people go bashing him there, don't forget that the House/Allen/Pierce/Posey/Garnett lineup was extremely effective in 2008. Sporting a similar lineup with Sheed could work well in the whopping 8-10 minutes the backup PG will play in the playoffs.
Again, I'd like a backup for depth, but I'm not sure this backup is going to get regular minutes if House hits the trey like he can.