For wingspan to be valuable as a measurement, other than at the extremes, you need some sort of vertical measure as well.
Standing reach has some shorthand value, but compared to height it is harder to eyeball; as Roy says, it is harder for people to relate to; and it would be even easier for teams and players to fudge on than is height (hello, 5'11" Phil Pressey).
Really, there's something to be gained from each measurement--and of course, jumping, speed, and agility stats as well. Seems like a lateral movement test, other than the current cone drill, could be useful if it could practically be devised.