I'm skeptical he can bang with PFs, but he has shown he can guard PGs pretty effectively. And if he's a good, versatile defender who can approach the offensive production of a prime Kevin Martin, he may well be worth a max contract. I just see him as a very good fit for GS, and a particularly bad one for the Wolves. Pekovic and Lee are both effective low post guys, who can kick it out if doubled, but Brewer and Rubio have got to be the worst shooting PG/SF combo in the league. Klay would be seeing the opponent's best perimeter defender, and guys shading to his side all game.
I do agree that it's a much better plan to stay relevant in the short term, and I like it for the Wolves better than a deal based around Faried, who I think is a bit overrated, and Wilson Chandler, who's replacement level. But I'd be surprised if that team could compete for the 8th seed.