Since we're talking total rebuild, I'll give it a shot.
I think we might get as high a pick as 6 or 7, but for purposes of equal pessimism I'll assume that we get #8 and that Hibbert, Noah and Jianlian aren't options, either because they're already going to be gone or for some other reason.
We trade down and get more lower picks, let's say either Thabeet or Splitter in the first round (choose your favorite, I don't micromanage fantasies), and someone like Stephane Lasme (think Justin, + a little extra upper body strength, - an inch in height, with more developed offensive skills) in the second. We hire Vlade Divac as big man coach, and tell him to bust his butt for a year making our two rookies + Justin into complete players, and learning how to be a head coach. We hire Rudy Tomjanovich as head coach for one year only, knowing that he doesn't want to stress out with a long-term return to coaching, and have him spend most of his time training Vlade to be our head coach for '08-'09 and beyond. Winning or losing games would not be a concern, just training. Any time he felt like sitting back and letting Vlade coach, that would be allowed. Almost more like a consultant position than a conventional head coach position, because that's all we'd need, and that's probably all he'd be willing to do.
We sign Corliss to a cheap 1-2 year contract, with the understanding that he joins the coaching staff when it is over. A written understanding, if that helps him to decide.
We dump what other vets we can, for whatever short contracts we can get, and try to pick up a little cap space in the process. With a ton of luck, we can afford to sign Mo Williams and have some change left over. Otherwise, we start saving up for contract extensions for Kevin Martin and the younger kids, and pick up a good PG in next year's guard-heavy draft. Any vets we can't move should be prepared to sit quite a bit. If that includes KT, we buy out his contract rather than let him be a bad influence on the kids.
I know, it's a fairy tale, some part or another probably wouldn't be feasible. But that's the sort of change I see needed on the team, and all of these personnel threads are fairy tales anyway.