What about cap room?
I'm curious to know your plan, if you can be more specific. I think you have the general premise, though.
Honestly, outside of the Lakers and Miami, I've really never seen a team use cap room to build a championship-caliber team. Those two teams made the two big hauls of the decade (Shaq for LA, James and Bosh for Miami), but outside of that, the idea of clearing cap room to make big free agent strikes is generally a losing proposition. Even the Knicks, who did land a star, came up way short of creating a championship nucleus. One of the main reasons for that is that stars can generally get the most money to stay home, which creates massive inertia against switching teams.
I don't have a brand new blueprint...from what I've seen, you need a little luck to land your franchise player or players, either from the draft or from trades. But tanking for a top pick also doesn't tend to work because very few top prospects actually end up franchise players.
The post-Shaq Lakers are a good example of why you don't blow it up. That team was good but not great. They were good enough to make the playoffs and challenge to win a series. One could have argued, "Is that the kind of okay-ness you want? Trade Kobe for top draft picks, maybe a good young player, dump big contracts and start over." Instead, they built based on what they had and were ready to take advantage of the opportunity that presented itself in Pau Gasol.
Of course, that's a best-case...but my main conclusion is this: teams almost never go from terrible/bad to great in one or two off-seasons due to a top draft pick or a major free agent acquisition. Teams much more commonly move from bad to mediocre to good to great. There are exceptions, but generally you're closer to title-caliber when you're mediocre or good than you are when you're bad, even if bad comes with cap space or a top pick. So moving down that scale is rarely, if ever, productive. Most teams who end up bad stay there for quite a while.
I want the Blazers to operate as they have the past few years: if a trade emerges that creates more value (net present value, to steal a concept from Ed O), do it. Never make a trade with the intention of getting worse in the short-term. Weighting that net present value towards more of it being in the future is fine, but it should only be a mild lean...not a "destroy all present value in the hopes of landing a lot of value down the line."