I'd be on board with the deal, and I think the Nets might be too. I might consider doing it even if it's Lee in the deal rather than Terry.
I don't love Humphries, but he's a much better rebounder than Bass and probably more capable of playing center. Definitely not the individual defender that Bass is, though.
The long term financial savings would be more than worth it, though. The Nets could really use some more depth, and trading one okay but overpaid role player for two okay but overpaid role players would help with that need.