I'm not a huge fan of either Bibby or M.Williams but I'd take that trade in a heartbeat! We lose almost nothing (Maris' opinion notwithstanding) and get a couple of serviceable players in return. Bibby was at his best when he was in Sacto so his best days are long behind him.
The original trade doesn't make any sense. Both could walk at the end of the year if they wanted to. I would imagine Portland could swing a 3 team deal with Memphis and Charlotte or NY and Charlotte involving a big man to Charlotte like D. Lee or Stromile. We might be able to get Conley and Wallace, but idk.