I think the real question is does Rasheed bring more to the table than Gentle Jermaine to which the answer is a resounding YES
I do agree that this is the real question. I'm not even entirely convinced that 'Sheed would be more valuable to us in the playoffs than J. O'Neal, but it is a risk I would take.
However, I don't see a realistic way that we can trade JO in for Wallace.
I really don't want Danny to cut anyone else to make room for Wallace. That includes Harangody, Wafer, Erden and West.
If Danny is dying to cut someone, I would still prefer to bring in a back up small forward than an extra big. Small forward is by far the position where we are the thinnest off the bench. So far, we've been really lucky with Daniels' health this season, but behind him we have nobody to fill in at that position. If 'Quis were to go down, we'd be left with playing a guard (West or Wafer) or a power forward (Harangody?)as a backup at the 3 position.
Anyway, that said, I'm satisfied with the team we've got, and think that the most likely scenario is that we go into the playoffs with our current roster in tact.