You can play Gordon and Covington together. Covington is a natural small forward and a small ball power forward. Gordon is a natural power forward. So you can very easily play them together, plus they give you opportunities to mix and match depending on matchups.
I don't think Gordon's talents are being embellished, considering the players people are suggesting trading for him aren't that great.
You and I apparently disagree on Simons, as I don't consider him particularly valuable. I wouldn't want to include Little, but Trent I think is a one-dimensional shooter--I had hopes for him to develop as a defender but right now, he's looking a lot like Crabbe. If Portland can cash out on him before he becomes overpaid, great. Hood is a shadow of himself since the injury. Simons is looking like a more athletic version of Trent--a good shooter, inefficient at everything else and can't defend. Collins is always injured and doesn't look likely to become much more than maybe a solid player.
If people were suggesting trading CJ or something then yes, I'd agree people are overrating the heck out of Gordon. I think his name just comes up so much because he's a decent talent, available and potentially attainable without damaging the core of the team.