Based on the numbers Boris quoted, the 4th worst record actually has a better chance (about 47-48%) of ending up 4th or better than ending up with the 5th pick.
Of course, the chances of getting 5th, 6th, or 7th is about 52%
I think it's better to think of it is as more or less a coin flip between picking on the edge of the top 5, or picking in the top 3.
Which means, for me, that to manage my own expectations I'll just go ahead and assume we're picking 5th or 6th, meaning our best option is likely to be Jakob Poeltl, Jamal Murray, or Henry Ellenson.