In theory that sounds feasible, but I really don't think you can take two mediocre players to make up for a good center. The reason why Carlos Arroyo and Raja Bell was killing the knicks in Utah 4 days ago was because they were not afraid of any intimidating presence in the middle. A good center not only grabs rebounds, but has the ability to alter opposing players' shots making it more difficult.
We also witnessed the ill effects of not having a big man last season, when the opposing guards would just cut through our defense!
With the addition of the new guys and everyone else having a year to play together, we will be able to go the 2nd round no problem, but to compete for a championship, the knicks will need that big man to fill up the middle.
Just look at last year's mavericks, they had all the firepower but no big man for solid D and they couldn't get pass the 1st round!