No. Knicks have a great opportunity right now with a feel-good fan favorite in Porzingis who is still very young. They should be focused on building up a fun, competitive young team around KP. Rejuvenate the Knicks brand as a team that will be competitive and entertaining for years to come. Enough of the year-to-year boom or bust cycle with that club.
They should figure out if Melo is open to considering a trade to another big market competitor, e.g. Washington, Miami, or Chicago. If he is, then try to get the maximum return for him. If not, plan to have him retire a Knick, and think in terms of prolonging his ability to play at a high level by resting him and not playing him heavy minutes.
Either way, they should explore all of their options for acquiring relatively young talent that can complement Porzingis and grow around him.
In terms of big name acquisitions, they should look at relatively young superstars on teams that are floundering right now, who will be entering unrestricted free agency for the first time right around the time Porzingis is entering his prime. The two names that come to mind for me are Anthony Davis and John Wall. They should try to have a solid foundation in place, with a flourishing and happy Porzingis, by the time players like that are hitting the market.
The last thing they should do is trade the first exciting super-young possible-franchise-talent they've had in over a decade for a combustible big like Demarcus Cousins. I really hate the idea of having Rondo as part of the package.
Rondo, Melo, Cousins. Woof. The potential for lack of effort, bad body language, lack of leadership skills, etc with that trio leading the way is extraordinary. Good luck to whoever tries to coach that team.