Trading is another option, but looking at the bust-success ratio of 3rd picks, I'd say its pretty good, even in the weaker drafts out there.
Here are some of draft success, coming from the third pick in the past 36 years (sans the 84,96 and 03):
1980 - Kevin Mchale (7× NBA All-Star, All-NBA First Team , 3× NBA All-Defensive First Team,3× NBA All-Defensive Second Team )
1981 - Buck Williams (3× NBA All-Star , All-NBA Second Team, 2× NBA All-Defensive First Team, 2× NBA All-Defensive Second Team )
1982 - Dominique Wilkins (9× NBA All Star, All-NBA First Team, 4× All-NBA Second Team, 2× All-NBA Third Team, NBA scoring champion )
1989 - Sean Elliot (2× NBA All-Star)
1992 - Christian Laettner (NBA All-Star)
1993 - Penny Hardaway (4x NBA All-Star , 2× All-NBA First Team, All-NBA Third Team )
1994 - Grant Hill (7× NBA All-Star, All-NBA First Team, 4× All-NBA Second Team )
1995 - Jerry Stackhouse (2× NBA All-Star)
1997 - Chauncey Billups (Ugh) (NBA Finals MVP, 5× NBA All-Star , All-NBA Second Team, 2× All-NBA Third Team, 2× NBA All-Defensive Second Team )
1999 - Baron Davis (All-NBA Third Team, 2× NBA All-Star , 2× NBA steals leader)
2001 - Pau Gasol (6× NBA All-Star , 2× All-NBA Second Team , 2× All-NBA Third Team)
2005 - Deron Williams (3× NBA All-Star, 2× All-NBA Second Team )
2007 - Al Horford (4× NBA All-Star, All-NBA Third Team)
2009 - James Harden (4× NBA All-Star, 2× All-NBA First Team, All-NBA Third Team, NBA Sixth Man of the Year )
I still haven't included the all-time deep drafts like 84,96 and 03. From 1980-2009, thats 16 out of 29. I haven't closed out 2010 onwards because, players from thereon are just starting to reach their primes .Odds are very good. Whether we trade the pick or not, history shows that it will turn out to be a star more often than a bust. The only problem is the fit and time of development. We had a chance with Chauncey, but he became a solid player for other teams, instead.