Rent him, then S&T him this summer. Put Wilson Chandler and Landry Fields in Purple and Gold. I'd only take Melo if we get Nene as well w/o getting rid of LO. Otherwise, the front office (if they insist on getting a deal done before the deadline) should put their energy in Charlotte, try and pick up Stephen Jackson, or better yet Gerald Wallace.
I'm pretty sure any trade is going to hinge on whether Carmelo will sign an extension, and that won't happen in Charlotte, and there's no way they give up either of those guys for a 30 game rental of 'Melo.
melo is not worth giving up a player + odom for... id rather take a risk and wait on dwight, if not it's better to do nothing.