Peja should not be used in any way, shape or form.
The guy is done and alot of fans seem to remember him from his tenure as a King. I thought he looked done in Indiana personally but meh.
He kills you on defence and really offence too as he doesn't have that foot speed or well, isn't fast enough to play the up tempo game we have right now.
As for the future, yes, finding a guy with Peja's former skill set (high iq, great range, decent first step etc) is key. If JR Smith decided to grow a brain, he'd be a really nice fit. It's another reason why OJ Mayo would be an ideal fit but, well, we have nothing to offer.