Well, I think the notion that you can shut any great player down completely is obviously flawed. To think that Lee is going to shut anyone completely down isn't realistic.
That said, I do think that Ray did struggle with quicker smaller players, than larger 2-guards like Lee. Anyone who can stick with him through screens, regardless of height, dramatically hinders his game.
I think for this reason, Avery Bradley will have some success with guarding him in a potential playoff series. Bradley, probably more than anyone in the league, is great at getting into the face of the offender. If he can keep Ray from getting space, then he can really limit Ray.
The two potential pitfalls?
1) Bradley has to do all that while potentially running through a series of screens.
2) If Bradley guards Ray, he isn't guarding Wade. Still, I kind of like Pierce on Wade if Miami goes small, with Green at the 4 guarding LeBron. Wade couldn't post Pierce, and Pierce could give Wade an extra couple of feet of space and still be able to block the shot given their height differences.
I also think that if Miami goes small in such a lineup (Chalmers, Ray, Wade, James, Bosh), PP is going to destroy Wade on offense. That's a matchup that's already being overlooked.