I wouldn't have a problem going this route. I just don't know if the team actually does it. If the rumors are to be believed, Kane and Labanc are on the trading block, they're looking for a 3C, and to address the goaltending. It would seem to me that the most likely move on defense is exposing Simek, maybe even making a deal with Seattle to ensure he's the one taken, and open that spot up for competition.
I agree with trying to take PK load off of Burns and Karlsson. I'd be alright with getting a more solid option to play across Karlsson but Knyzhov has a lot of the tools you'd like to see playing with him. He just needs more seasoning and more patience.
I agree on Knyzhov, I just think that on a good team he's playing on the 3rd pairing rather than the 2nd pairing. Just for fun, let's say the following happens:
DW buys out Jones and Vlasic
Seattle takes Donato
Simek and Labanc are traded (not sure the return but their caps are gone)
DW acquires Khudobin via trade and signs Driedger to a 3x3 in UFA to solidify goaltending.
RFAs are re-signed to the deals we assume are coming.
Would leave $15.3 million in cap space to be allocated to a top 4 LD, bottom pair RD, 3C, and maybe even another top/middle 6 winger. Feel like you could drastically improve the team with that amount of cap space even without thinking of what you're getting back in the Labanc deal. Add in the goaltending tandem improvement by leaps and bounds compared to the last few years and I think that could be the shrewd move needed to turn things around. The counterpoint would be that the team is still an injury to Hertl/Couture away from imploding on itself again, so if that happens you just married yourself to a steep buyout for years to come without much of anything to show for it. Tough line to toe on either side, but if you're not rebuilding you may as well jump in with both feet to trying to compete (without giving up future 1st rounders).