It was still scheduled to be the 8th pick, and I think most people would agree that Varejao is better than Mo Williams. If we add the 24 and absorb a Bieds I think GSW would be getting a much better deal than the Clippers got. I don't know why so many people think it's not feasible.
Well let's look at the differences between the two trades especially within the context in which each trade was respectively made.
Cavs and Clippers trade:
Cavs get: Baron Davis, unprotected 2011 1st (at the time of the trade, 8th pick, and LAC ended up ending the season in that same spot)
Clippers get: Mo Williams, Jamario Moon
Cavs and GSW trade:
Cavs get: 2012 7th pick, Biedrins
GSW get: Varejao, 2012 24th pick
Varejao's going to be about a year and a half older than Mo was when he was traded if this trade were to go down. Furthermore, Varejao's overall longevity seems like it is going to go down faster than Mo although Mo is not injury-free either. Anyhow, between Varejao and the 24th pick, I'd say that the Warriors receive more in this deal, but they're also giving more. The 7th pick in the 2012 draft is much, much more valuable than what would've been the 8th pick in the 2011 draft almost 39 times out of 40. The 2012 draft is just so much deeper than the 2011 draft. If we can get Drummond with the 7th pick, then that pick is even more valuable because it could possibly yield a superstar.
I'd say that 39 times out of 40, the Clippers would have been getting the better deal because of the salary that they dumped in addition to the pick that would've been an 8th pick in a very weak draft. The only reason why the deal for the Warriors would be better is because we happened to hit on the lottery that 1 time out of 40 times, giving us a surefire superstar in Kyrie Irving, who was already all-star worthy his rookie season.
Like I said, there would've been no guarantee that the Clippers would've gotten the 1st overall pick if they had kept it because all things leading up to the draft would've also changed if the Clippers had kept the pick. As a matter of fact, it would've likely been the 8th pick.