You are assuming Portland wants Conley, when jsut last offseason they seemed to have minimal interest and went out of their way to shoot down rumors they were going to pair he and Oden. His rookie year was some good some bad, but I am not sure enoguh to change opinions radically one way or the other.
In response to the OP -- sure, if its for a young guy with even more upside than anybody we'd draft at #12. Trading this year's #12 for last year's #4 is probably a solid deal. Trading the #12 for another vet would be pathetic.