based on what I value these players, I would take the Allen / Smith side. I do have Waddle higher value than Smith straight up but with the difference and value of Allen would make me do the deal... I do like both Smith and Waddle, thus I would not have a problem with the offer. I would still look at the rosters to determine if I do this deal. My gut projectes Allen playing for a few more years.
Since team make up doesn't matter to this question I'd go Allen/Smith... I'd think you'd have more flexibility and options with the two than you would with just one Waddle. You could trade both, trade one or keep the both to fill the line up and depth.