This is the first thing that came into my mind when I heard Ellis was available- and I guess I would do it, but I don't know that I would necessarily be 'happy' about it. Being able to rebuild while still being a contender is what every team wants. Looking at Ellis' career stats, he really does have it all in nearly ever category (except 3pt shooting and I guess ft shooting), but he is still solid in those categories.
I don't know that I would be too into getting Claxton, though. I agree that Morrow would ultra-ideal, but I may even take someone like B. Wright back. I know these younger, skinny players often don't work out for us (Moiso, O'Bryant), but maybe he would be worth a look.
All this being said, I can't imagine it happening, but it is something to think about. This is a pretty awesome package if you are just looking at what you can get for Ray's expiring.