I know I'm a minority but I'm not that high on Bayless. I had hopes for him but what I saw during the season (with a few exceptions) just didn't excite me. He can penetrate but can't finish very well and his court vision/passing is suspect. I think he's better and has more upside than Jack, but that is who he reminds me of. Someone with a good work ethic but who isn't really a PG but an undersized SG. There are rare cases where someone can change and be highly successful (see Billups) but overall, it is not a recipe for great success.
If a decent offer came, I'd trade him and not look back. That said, I'm not a Sergio fan either - just like Bayless, he showed occasional flashes of "if only he could do that on a consistent basis" but his defense is nil, shooting suspect but he does have pretty good court vision.
Ideally, I'd like a good veteran PG (Miller, Bibby, Kidd) that has a few decent years left paired with a legitimate young PG (not a PG wannabe). I like Blake but view him as an good backup PG - someone who generally won't win you a game due to their outstanding play, but also someone who generally won't lose you a game due to their poor play. Solid if unexciting.
Now, to the question at hand, trade Bayless for a top pick? If we can get a high quality top pick that fits a need (good backup PF, PG prospect), I'm all for it, otherwise, we need "seasoned" not someone who needs to be seasoned.
Gramps...