Something I haven't seen mentioned in this thread yet is what New Orleans wants...
George Shinn is trying to sell the team, so the fewer contracts they have, the better. While expiring contracts are appealing, a lack of contracts (or in this "what-if" case, a Traded Player Exception) are even better. Unquestionably the Blazers and Hornets have had discussions. Perhaps the Blazers have been told that a deal could get done if the Blazers could turn some of that expiring money into TPE Money?
If we could do this Miami trade without bringing Beasley back, have it JUST be Chalmers and Toronto's pick, then we'd be bringing back a very nice TPE which would equal to Shinn dollar-to-dollar savings. No one out there is going to argue that this deal brings us fair talent back, however I think you could argue that it helps us in trying to get Paul with an Andre-Miller's-contract-sized TPE, Joel's Insurance covered contract, an extra appealing 1st rd. pick and less hesitance to move Bayless (since we'd have Chalmers as a backup).
Certainly it's all supposition at this point, but if this trade WERE to guarantee us getting Paul, I'd say it'd be a no-brainer. Chalmers and an attractive 1st is GREAT value for Rudy at this point. Think about it this way -- CERTAINLY the Blazers have dangled Dre and Rudy as part of a Paul trade (along with other stuff), and NO walked away. If you could turn those 2 into some other package that NO would trade Paul for, isn't it worth it? AND on top of that, it would ALSO get us a young backup PG that we've liked for a long time (I trust our scouts more than I trust stats or my eyes), and potentially a 1st round pick (depending on what NO would want).