With Iverson & Rasheed both having contracts up (along with McDyess, Brown w/ player option, Hermann, & Bynum w/ team option), there is a big amount of salary to spend for next year. Why part with the Palace Prince? He would be an attractive piece to free-agents-to-be Amare, Bosh, & even Boozer because of what he can do to complement other players.
I personally would move Hamilton first, by making the team younger overall & dumping a multi-year contract in the process.