Ty Lawson and Kenneth Faried are good players. The #4 overall should be an elite prospect. You don't trade 2 good players for an elite prospect.
Phil should pass on that, and look at other options.
Like, would Phoenix do Eric Bledsoe, the Morris twins, a S&T'd Brendan Wright, and #13 overall for #4 overall?
Now THAT would be a start towards something.
Is the #4 pick in this draft really rated that highly, though?
I know there are some people who really like Deangelo Russell (or Mudiay, depending on what the Sixers do), but I don't get the sense that either is considered to be an "elite" prospect, certainly not in the top tier of prospects who are pretty much guaranteed to be All-Star caliber, health allowing.
My sense of this draft is that it's a two player draft with some OK depth in the top 10-12 and then a lot of might-be-decent role players through the first third of the second round.
Russell might be Brandon Roy, or he might be Kevin Martin or even a poor man's Jamal Crawford. Mudiay might be similar to Westbrook, or he might be Tony Wroten.
If New York looks to trade the pick, I'd be surprised if they get a godfather offer like you describe.