For that to happen, they'd probably have to whiff on several other potential trades before reluctantly trading. I've said all along I think NY would trade their pick, but what star is actually available for it right now? Divac made it pretty clear that DMC was out, and the only other potential "star-caliber" players that I can think of being available are Lawson and potentially Lowry.
When compared to those trades, IT, 16, and the Brooklyn 2016 pick for Calderon and #4 is probably one of the better ones they could get as of right now before any other potential star becomes available. IT is an excellent shooter for the Triangle, they could get a PF prospect at 16, and they'd actually have a pick next year, which could potentially end up being pretty good, too. If they're trying to win right now with Melo, they won't pick a rookie at #4. They'd still have cap space to try for free agents, too.
I still think their best option would be to trade Melo to LA for #2, but there's no way the glamorous NYK go that route.