I would sign him and cut Williams after June 1st. I think he would be an upgrade to guard and maybe center. I am not sold on Wood. He was just not very good last year and it wasn't just the guys playing next to him. He was beaten one on one plenty.
I would not waste a late pick on another guard. I would rather draft a pure center late or maybe sign to PS as an UDFA to develop. I would use draft picks for defensive depth at DE, ILB, S, and CB.