I'd take Oladipo #1 then offer Waiters/Tristan Thompson in a package to Orlando, Charlotte, Phoenix, and on down the line to land Lin (or another big) a little bit lower in the top 10.
If Cleveland can't trade down and still get him, I would agree with you. I've paid more attention to the guys going in second round as no one truly excites me from the draft as 1 overall. I see Olapido as having a good chance to be a Robin on a team that has a Batman.
Shooting guards are at a premium right now. Multiple teams trying to get one, while this draft is loaded by quality bigs. If Cleveland takes Noel....I think it's a huge swing and miss for them. Knee injury. He's skinny as a rail. High, high bust potential. I seriously doubt if he even turns out to have the best career of the bigs in this draft. In fact, I think he will bust.
I've said many times that skinny centers scare me. Mostly, they tend to have a high center of gravity and lack to lower body strength to keep from getting backed down. Noel and Noguera fit same bill.
OP, I think you are on the right track with Oladipo and agree with you comments on Noel. Not feeling your trade ideas though.