Well, based off the responses (all intelligent), then this is truly an open-ended question here.
Of course I would trade Baby, but we are talking a hypothetical situation here.
In a perfect world, we could trade Glen and get a solid PF in return that would be a reliable backup to KG, durable, energy player, and for the money that he is being paid.
Then Reality sets in - I don't see anyone out there or any team out there that would pull the trigger on something that would help us.
Other teams would try to under-sell us, when it has been mentioned in other "Glen Davis Trade" threads that maybe we are the only team that realizes Glen Davis' worth. Of course, other potential "partners" in a trade would say "Well, he's a bench player, a rotation player. Why would we give you what you are asking for in return?"
And that is our dilemma, I think. We know Glen's worth. But in the NBA, would we get what he is TRULY WORTH in return?
Nope. That is why for the immediate future, Glen Davis needs to remain in Green, backing up Kevin Garnett, drawing charges, rebounding better, maturing, improving his play(which he has this season). And unless an absolute Blockbuster Opportunity comes up that will definitely help us (and replace what Glen has brought to us), then we need to hold our position.
IMO, there is no one else that we could get in a "Realistic" trade for him.