I'd say this deal has potential and might work out for all sides. But one important thing to consider is that OJ Mayo will be looking for a big contract on the open market. If he doesn't find one, he would be more interested in something like this.
A sign and trade would need: Boston to find it worthwhile, Memphis to find it worthwhile, Houston to find it worthwhile, OJ Mayo to choose Boston, Boston to be the high bidder (or close to it) for Mayo.
I like it a lot, but too many ifs to call it realistic. Houston, for instance, at least for the moment, needs cap space for the Lin and Asik offer sheets.