3 Overrated (not in a particular order)/1 replacement:
JJ Redick -- I get the vision to try to cheese him at PG, but he's simply just not that guy. He's a good shooter but can't defend at all, can't pass at all, and for having the ball in his hands as much as he does he doesn't really light it up in the scoring column either.
Tony Parker -- I actually really like Parker, but he's not an elite top 5-7 player like I feel most people think of him. He's close to that, but I have him more in the 10-12ish range. A lot of TOs and he gets lit up in boxes so I would guess that his high defensive grade is heavily based in steals. His saving grace is his elite shooting splits, but he doesn't take nearly enough 3s to really make those numbers translate to his scoring ppg.
Mike Dunleavy -- Again, another really solid player, but he isn't really special. He can score at a decent clip, but for his ratings I would expect a lot more. Very similar to Szczerbiak, but his defense and rebounding isn't as strong. I would venture to say that most people would have him ranked over Wally as well.