No. These are the shooting (and combo) guards taken in the lottery in recent drafts:
Brandon Roy
Randy Foye
Ronnie Brewer
Martell Webster
Rashad McCants
Ben Gordon
Luke Jackson
Josh Childress
Andre Iguodala
Dwyane Wade
Jarvis Hayes
Fred Jones
Mickael Pietrus
You have guys like Brandon Roy and Dwyane Wade and Ben Gordon who can put up great offensive numbers like Arenas, but it's far from typical. You can give those guys as many touches as Arenas, but that doesn't mean they'll be able to get as many quality shots off or make as many quality shots as Arenas can. That's what separates a guy like Arenas from a "typical lottery caliber shooting guard." Arenas (pre-knee injuries) had the elite explosiveness, quickness, and athleticism, but he also had a great handle to create space and get to the rim, ability to finish at the basket, and unlimited range on his jumper to force defenders to not give him too much room. Most of those players with the exception of Wade and Roy on that list had one of those three things, a few maybe two of the three, but not all three.
Plus, even if you gave those guys that many touches and they could come close to Arenas' scoring production, would they also be putting up 6 assists per game?
Gilbert is a character. He's a clown. He talks a lot of for a player that hasn't done anything of meaning in the playoffs. But, before the knee problems, his talent is undeniable. No, the typical lottery 2-guard could not do what Gilbert would do. Heck, there are only about a handful of perimeter players in the league that can do what a healthy Gilbert Arenas can do offensively.
That may be true. But, how many NBA superstars are the type of player that you just know you'll build a championship team around. A handful? 5-10? Duncan, Shaq... I hesitate to put even guys like Kobe, LeBron, KG, Chris Paul, and Dwyane Wade on the list. There are no championship guarantees with any players, even any superstar players with the very rare exceptions like a Duncan or a Shaq. I could even say LeBron and maybe Chris Paul. But, that's about it, and that's trying to predict the future.
Arenas might be overpaid, but so are most players in the NBA. I laugh at the contract based on his knee injuries, not based on what he produces on the court. I don't agree that the Wizards are a better team, at least long term, without Arenas. They played well without him, but they would have still lost in the first round and they would still not be a championship caliber team. I think a healthy Arenas that plays smart (which could be asking much from him) makes the Wizards a better team.