It's definitely an interesting theory that probably has a lot of merit, but I can't see the team actually tanking for the 8th seed. However, there are a lot of benefits than being, say, the 4th seed - you lock up a higher draft pick, you get the #1 seed when you're still fresh and haven't been worn down by the playoffs yet. You'll have to get through the Bulls/Heat eventually, you might as well face them right off the bat full force and not waste any time. Then, you've got yourself a relatively easy 2nd round against a team like the Hawks, Magic, Pacers or Sixers (not easy, but easier than Chicago/Miami) before the ECF.

There are certainly a lot of benefits to being a purposeful 7th or 8th seed with a plan, but I can't see this team doing that. Maybe at the end of the season it's reasonable to decide that we don't care between the 3rd-6th seeds, but you don't want to cut it close and lose all momentum heading into the playoffs.