It seems to me the Lakers need a third team to take Gasol. I wonder if Portland might be that team. This trade works and seems to be at least somewhat beneficial to all three.
To Orlando - Batum, Odom, Camby, Blake, 2 firsts from Lakers
To Portland - Gasol
To LA Lakers - Howard, Babbit (necessary filler), Arenas
Orlando gets a young up and coming SG and two solid veterans on decent deals to keep them in the playoff hunt.
Portland gets a veteran all star leader to pair with Aldridge and Oden down low, for Batum (who is similar to Matthews) and Camby who is probably gone at the end of the year anyway.
Lakers obviously get Howard and it costs them paying Arenas. The trade would work without Blake and Arenas and Turk instead if it was a real problem for the Lakers.