I am not a big fan of Cato's, though I do hold out promise for improvement. I have not been impressed by Olowakandi's (pardon my spelling - all of it) career. The fact that he began to play well in his contract year also fails to impress me. I consider Cato and Kandi to be substantially equall dissapointments, with slivers of hope. But I would much rather have Cato at his current salary than Kandi on a max salary.
I don't see logistically how this trade could be pulled off. It could only be done as a sign and trade, after July 1st. Before then, Kandi cannot be traded, because he has an expiring contract. As such, the Rockets would have to draft someone the Clippers like, and take a chance that Kandi would agree to the deal. Keep in mind that not even the Clippers can talk to him until after July 1st. So who knows what Kandi wants in salary (other than the max), or whether he wants to come to Houston. The same holds true for a Rashard Lewis trade for pick(s).
As far as the logistics of working a trade in advance of the draft, you'd just have to assume that Kandi would get the max deal. I don't think he would have a problem coming to Houston in a sign & trade.