I'm certainly not against rebuilding, especially in the fashion you mention here. I think if a consistent scoring SG can be added to the current lineup, they can make some noise. Although it may be a low playoff seed, I do think making the playoffs this season would be a huge thing for this franchise.
However, if it doesn't appear that the type of SG I mentioned can be had, then again, I'd like to go the route you mention. I like the trades because they do bring in a big total of expiring contracts, but those guys will also make the team competive as well.
Between Boozer and Outlaw, that's about what, $17 million off the books at the end of the year as opposed to the $10 millon if noone is traded? Between the extra money and a possibly lower salary cap, that could make the difference in making the 'Cats a player in the free agent bonanza this offseason. Certainly not a major star, but someone who can still make a real impact.
Edit: Am I the only one having problems seeing the deals on ESPN's trade machine lately? Not just this thread, other links lately only show the page that tells you how to use the trade machine.