I agree with most of what you said...only problem I have is with Mike Williams. We are really at a crossroads with this guy. If we see something in him, that he can become an avereage player, we can extend his contract (thus lowering his cap #s). The other option is to cut him altogether. There really isnt an inbetween. (i.e. we cant really say, take a pay cut or go home). Salary cap doesnt work that way.
I would like to see EM back, but it appears less and less likely. I agree though we need a big physical WR on this team, so one would need to be picked up.
Clements will be an interesting situation. I see no reason we cant tag and trade him ala Peerless Price. Doubt he fetches a #1 with how he has been playing of late, but a #2 is a real possibility. But...do we want to risk him signing the tag? Could get touchy.
If we trade clements for a #2, we then have an early first, two 2nds (one early) and 2 early thirds. This gives us a good chance to seriously build an OL, DL, and sure up some aging positions (Safety, CB, LB).