I personally would like to see it split up on a few role players. Maybe Sean May, Theo Ratliff, and Keith Bogans. They would provide a young forward, a shot blocker and a three point shooter.
Even though I will admit I do like Grant Hill I think that the three players above have more to offer and I really hope the Knicks hold on to Lee. It looks good right now nobody has made an offer yet and the maybe the Knicks can sign him cheap.