Maybe so, but if we get him this season, then we'll have him for the playoffs, which would be the point in acquiring him in the first place. Also, we'll be able to preserve our MLE in order to address a different need that may crop up come offseason.
I think he is, considering that first round pick will likely be a late pick in a bad draft, and that Wilson Chandler is starting to come into his own (or at least, I'd like to think so). He's 6"8 with long arms and would fill that backup small forward / lockdown defender role we'll need, especially against the better teams in the west. It's also worth noting Chandler is averaging nearly 18ppg and shooting the same percentage as Manu this season from 3.