It's understandable to want a 2-guard now that has a skill-set similar to Hughes', but not Larry himself. In that respect, I agree with the trade entirely. An above-average defensive guard that can take defensive pressure off of LBJ would be great. A guard with a bit of an offensive game or niche would be even better.
But Hughes himself... Not at this point. Not after what he's said in public and insinuated about Coach Brown. I don't want that kind of attitude on this team, and I strongly believe the front office doesn't want it either. Even IF he wasn't an anemic offensive player, his fragility just makes me want to hide. An older player that has a bad back that needs to rest during the regular season is OK, that's a known factor that can be dealt with. But a player that can break/bruise/hurt something in any game (and is likely to), especially during the playoffs is something I'd rather not deal with.
To be honest though, I truly don't know who we could trade for with Wally's contract. My best guess at this point is that Wally will end up playing out the year with the Cavs, and we'll either re-sign him for less or let him walk to get our huge payroll down. It seems like the best money-making strategy for the Cavs as a business, and Wally has a nice skillset with his shooting and hustling that is a positive for the team.