I like trading the pick if it outside the top 5 (Wiggins, Exum, Embiid, Smart, Parker).
I think the drop-off after that point is considerable. I would be happy trading down a few slots to pick up an extra asset. Or dropping down further to pickup two draft picks in the teens (since it looks like Nurkic and Ennis are slipping).
Trading for a veteran. I would think a non-top five pick would be worth something like Jeff Green up to Paul Millsap. So players in that target range. Afflalo maybe. It's a pity Monroe is a FA. Faried would probably be available for that type of pick. Thaddeus Young. None of those options look enticing though. Pekovic could be available for a 6-8th pick. Vucevic. Tyson Chandler if Melo leaves? Seems a high price to pay for a 32 year old (next season) Tyson Chandler though. None of those are all that exciting. Asik? Overpay.
Or perhaps trade for a young pro. Harrison Barnes could be an option. I wonder if Enes Kanter would be made available. Feels a bit soon for Utah to give up on him without a better return though.
If trading the pick, it might be the best option to combine the draft pick with someone like Sully to make a run at a bigger name star. Like K-Love or A-Horford. Horford would be a long shot. Love might be a possibility.