I would like to see Wakefield back and as the long reliever. First of all, I am only seeing this scenario unfold because we'd get someone like John Lackey in the offseason, which would push Wakefield out of the rotation. If you look at our relievers now, few can give you more than an inning. We'd most likely be (happily) losing Wagner to FA, which would open up a spot in the bullpen AND net us 2 draft picks (which we'd lose 1 if we got Lackey)
And, seeing how starter depth was necessary this year, I'd say that it's important to keep Wakefield and to keep him active (unlike Byrd who sat at his house for a few months) so it'd be easier to slide him into a rotation spot if (when) someone went down. Plus Wake's $4 million isn't expensive and it beats searching the scrap heap for a potential 5th/6th/7th/8th starter.
Plus I like Wakefield and he's close to a few milestones I'd like to see him achieve. I'll miss him though.