It makes little sense for them to acquire Ron Artest and Blake while throwing Nelson in the deal.
But the again, when you ship your star player away, you want to make sure you ship him to somewhere far away. Preferably out of your division, conference. Or else he could haunt you...
Honestly, at this point, Orlando could get away with forcing teams to take both Hedo and Arenas' garbage contracts in any trade involving Howard. It's a gutsy move, one that likely alienates many teams from working with them on prospective deals, but they're well within bounds to do it. If any team is in a position to take on Howard while withstanding the financial hit of two terrible contracts, it's LA. In an NBA landscape that will likely change considerably with the introduction of a new CBA, the Lakers will still work out how to get what they want.
Even if you don't have the flexibility to sign adequate role players for a few years you've still got a prime Howard, Kobe with dwindling athleticism (which, even at half speed, is an All-Star caliber performer) and Arenas/Hedo who are at the very least serviceable at their respective positions. Sauntering into the post-season for a few years before the front office trims the fat, with a profound lack of depth and potential chemistry issues, is WELL worth the eventual payout.
With that said, this isn't happening. Orlando want a quicker turnaround in a post-Dwight era. Holding on to Odom and Artests contracts hinders their progress towards a rebuild, unless they can ship them out quick which, at their age and rate of productivity, is tough to imagine. Sixth Man Of The Year award notwithstanding, Odom's spotty play and propensity for disappearing for long stretches has been widely chronicled.
Bynum is still a question mark with injuries, and to assume he'll simply fill the void left by Howard is being a bit presumptive.