You're not going to get Fernandez AND Shaq, Sheed's deal is going to one of them. And Delonte won't sign for the vet min when he can stay with the Cavs for more. Also, we only get Delonte with Shaq if they go together in Sheed's deal + the first round pick you would use on Fernandez.
Fernandez has a contract so small that there's not really a way to make the salaries match up to use Sheed's contract. It's really bad for trade flexibility if you don't have a couple of players signed for $3-4 million, which Portland doesn't have.
This suggests that Ainge may need to be creative and find a team that is looking to shed a big who is making about $4-5 million year and crafting some sort of three-team deal in which Ainge trades Sheed's contract and multiple draft picks for Rudy Fernandez and a bench big who probably will be deemed as overpaid or underperforming by most on this board. Guys who fit include not-really-a-center Darius Songaila of New Orleans and oft-injured old guy Jeff Foster of Indiana.