How I see the Orlando side of things: They've got a lot of salary tied up in Howard/Lewis/Nelson ($41M-$47M over the next three seasons, '09-'10 to '11-'12) and Hedo has an ETO this summer. Given that he's going to make about $7.5M if he sticks around but could probably get 5/$60 on the market, he's sure to opt out. As it stands, Orlando is playing without a real PF anyway, as both Hedo and Lewis are SFs. Unless they plan to spend big on Hedo this summer (and continue to play 3 wing players into the forseeable future) they'd have to consider putting Hedo on the market to get an inexpensive big and/or some decent players at MLE-type money. Salmons we have (or possibly Garcia), but Miller isn't likely to be tempting at all, nor is Shelden. Hawes and Thompson and our own picks probably are untouchable right now. So it would come down, essentially, to whether Salmons and Houston's draft pick were enough to pry Hedo away. And I don't see that happening.
From our point of view: The first question is why would we trade for a good player who's just liable to walk at the end of the season? We're rebuilding, so one year of Hedo is superfluous. It's possible that we'd like to chase him in free agency this summer but don't really have the cap space to nab him unless he's "our" free agent. Under that plan, we'd have Kevin at the SG, Hedo at the SF, and Garcia backing up which kind of leaves Greene out in the cold (Salmons would be in Orlando). That's more of a quick-fix (and expensive) rebuild than waiting for Greene (and other future picks) to develop. I love Hedo, but I think it makes more sense for us right now to build around our kids and the next two drafts.
Now that I think about it, Salmons, Greene, and Houston's pick might get it done. Assuming we sign Hedo in the '09 offseason (which would take us completely out of the '10 FA market) that would leave us as:
PG: Beno, ('09/'10 draft?)
SG/SF: Martin, Hedo, Garcia
PF/C: Hawes, Thompson, ('09/'10 draft?), (Shelden cheap?)
Our window probably wouldn't open until the '11/'12 season at earliest unless Thompson and Hawes exceed expectations - but at that point Greene would be ready to contribute big (assuming he ever does) anyway. So I think I'm pretty much "thanks but no thanks" on Hedo.
