It would not be beyond the pale for this to happen, but I'm not sure what either would bring to the team. I, for one, would like for the next SG we acquire to be a strong defender. Redick is anything but a strong defender - by DRTG he has been the worst or second-worst defender on the Magic for four years running, and he's putting up mediocre to bad DRTGs on a great defensive team, which is a surefire sign that he's getting torched consistently. So, shooting (outside shooting at that - inside the arc his percentage is not good) and nothing else? Sign me up...for maybe a million and the understanding that he's a ten-minute-or-less guy.
As far as Farmar goes, if he were to come here, he'd be the third string behind Evans and Udrih. I wouldn't mind that, but I would bet that he's looking for more playing time, not less. So unless the market dries up completely for him, he won't come here.