Personally, my preferred outcome would be to draft Dunn and keep him - I like the kid a LOT.
But if we did trade, here are my thoughts...
1) Firstly we have Philly. Debate all you want about Okafor and Noel but it seems to be legit that the 3 could be used in a trade for one of them. Our leverage here is only apparent if we are willing to take and keep Dunn
I would probably rather keep Dunn to be honest, but as you say it's certainly a possible outcome.
Trading Dunn for Noel is a move I could certainly live with. With the modern NBA's push towards shooting / finesse guys, athletic defensive/rebounding bigs are actually becoming more of a rarity...but I honestly believe that they are still very important no matter what direction the league takes.
I think Dunn has a much higher ceiling then either Okafor or Noel personally, but Noel is a known quantity who SHOULD develop into a double-double guy and could make numerous all defensive teams by the time his career is up.
Offensive minded stretch fours are so common now days that it wouldn't be hard at all to find a good frontcourt match for Okafor - Ryan Anderson, Kevin Love, Thadeus Young, Al Hoford - hell even our current Sullinger/Jerebko/Olynyk would fit perfectly alongside him.
2) Wolves. Dunn is a Thibodeau player. Suggested many times has been 3 for 5 and Dieng. Are the wolves wanting him that much? Murray will likely be on the board so why not select him?
A fair possibliity - I don't think you need to worry too much about them taking Murray over Dunn though. Thibs is all about defense, and Dunn is probably the best perimeter defender in this draft.
Murray on the other hand is probably the worst defensive player in the top 6. If Minnesota wanted a Murray-like guy they could have just held on to Kevin Martin, since he's basically just a bigger and better version of Murray.
I'd be ok with #3 for #5 + Dieng, but I'd prefer to keep Dunn if given the choice.
3) New Orleans. With Gordon probably gone and Holiday and Evans expiring they'll likely take a guard. 3 for 6 and Evans? Would we want that to replace Turner? And would NO be happy just taking Hield?
I'd definitely be willing to listen to #3 for #6 + Evans - I've like Evans for a long time, and he'd be an upgrade over Turner. At #6 we would still have one of Bender/Brown/Hield left so if they made this often I'd give it some very serious thought.
4) Sacramento. A blockbuster with Cousins is a long shot but could happen. Alternatively we have talked about 3 for 8 + WCS. At this point I have one of Chriss and Brown available. So if the target without a trade is Brown then this trade down looks pretty plausible. I think Sac values Dunn over anyone they can pick here.
Don't think I'd do that WCS deal to be honest.
The Noel deal seems to be on the table, and I think I'd prefer Noel over WCS because he seems to be a better rebounder and a better defensive player.
Also there isn't really anybody I love once you get out of the top 6 or 7 - Poeltlt is nice but would be redundant with WCS thee. You could try Ellenson maybe, but I'm not sure how good he's going to be in all honesty.
Again I could live with it, but I'd much rather keep Dunn and just try to trade up for Sabonis with #16.