Hmm... assuming Cleveland would even actually _do_ the trade you suggest, sure.
I like Sully a LOT, but I would definitely trade him and the #6 to CLE for the #1.
Only I'd use the pick to take Wiggins.
I'd then go ahead and try to get Houston to do the Asik & Lin for cap space deal.
Assuming that worked, I'd then let AB walk (or S&T him somewhere so long as I don't take on salary past this year).
At this point, I still have LAC's 2015 pick, Brooklyn's 2016 & 2018 picks, a swap option on Brooklyn's 2017 pick and Philly's top-14-protected 2015 pick (as well as all of Boston's future picks) to deal.
At the trading deadline, I send Bass, Anthony & Lin's expiring salaries along with a generous handful of my remaining draft picks to get a star. Maybe Love if he hasn't been dealt yet. Maybe someone else. There are a few good names that might be available.
I then re-up Rondo, Asik & if necessary the incoming star using Bird rights.
Entering 2015 I would have a potential starting lineup of
RR
Wiggins
Green
Love or some other stud
Asik
If 'the stud' is at some other position than PF, then Olynyk, as my otherwise 6th man slides into the PF slot and maybe Wiggins or Green moves to the bench as the 6th man. Wiggins, Green and Olynyk are all flexible enough position-wise you can probably insert almost any sort of incoming stud into the mix.
Asik, Green, Wiggins & Rondo provide a lot of defensive length and capability at their positions and Green, Love, Wiggins & Olynyk would provide a lot of spacing on offense.
Give it a year to mature as a team and then it contends after that. All these players would be young enough for this team to be extremely relevant for several seasons.
That lineup doesn't have three sure-fire-HOF players, just over the peak of their careers, like the 2008 team did. But it's pretty similarly balanced across positions. And remember, I am aiming for contention two-three years from now, not next year. By then, Wiggins will no longer be a rookie and will likely be maturing into one of the premier SGs of the league.
Note also that if the guy I traded for was Love, he could exercise his 2015-16 option, pushing back by one year when I'd need to resign him, until after Wallace' contract is now gone (which also helps pay for keeping Green, should we do so). But my back-of-the-envelope says that is all affordable under the LT threshold.
And yeah, the obvious hole in the plan is that Love-or-a-similar-stud is not available at the deadline (for example, Love may have already been traded). But we'd still have a lot of assets to work with.
Unfortunately, I see no way that Cleveland would ever do that deal. (Which is an even bigger hole in this little fantasy).