like many others have stated: depends on the return.
trade down to #2 or #3 and pick up another lottery pick this year or an unprotected pick for next year from a team projected to still be in the lottery (Philly or Milwaukee), probably.
Example, we get #1, Milwaukee gets 2 and Philly gets 3. both of them are looking at Wiggins as the primary choice since they each have big men and are leary of Embiid's back. Philly offers both the #3 and their pick from NO this year, I'd do it. We'd get either Parker or Embiid while picking up another top prospect with the NO pick.
As for trading it for an established star, it'd have to be a great 2-way player. Aldridge would be fine but we already have PFs. Love wouldn't be enough -- no D. Melo, no D but one of the top offensive players in the game. As much as I want to get back to being a contender again, I don't want to rush the process where we end up as a flash in the pan for a couple of seasons as opposed to building a solid core of talent that contends for 6-7 years or more like Bird/Mchale/Parish