Thanks to Justin over at Celtics17 and JB from CelticsStuff for some background info on Wally's knee issues. In a quote from the Globe, February 15, 2006, Shira Springer says this:

Szczerbiak had part of the lateral meniscus removed from his left knee nine years ago, when he was playing for Miami (Ohio). An MRI during his trade physical picked up something in the knee. Szczerbiak wonders whether a couple of hip pointers early this season, a couple hard knocks, have caused the swelling.
‘’Any time you’re pounding away for nine years and you have no cartilage in there, you have no padding, maybe you’ve got some loose bodies that develop,” Szczerbiak said. ‘’But at this point, the main focus is physical therapy and strengthening it.”

So Wally's knees have been bone on bone for years and somehow he plays on them. Danny knew about it when he made the trade. Tanguay may just be over reacting since Wally has been playing on these knees without cartilage for years. He has played in 73, 82, 82, 52, 28, 81 and 72 games in his 7 years in the league, averaging over 33 minutes per game in each season. If he strengthens the muscles in the knee, it can perhaps make up somewhat for the lack of cartilage.

In any case, limiting Wally's minutes would be very beneficial to both Wally and the team. In the same article by Shira, it mentioned how Doc was playing Wally close to 40 minutes per game when the medical staff advised him against playing him that much. In several games he played over 40 minutes. Since the surgery, the reports have been positive about Wally's rehab and he has said he expects to be 100% for training camp. Since he has been playing without cartilage since college, I don't think it will be a problem now. Perhaps the answer would be to Delonte at the 2 and bring Wally off the bench for 25 minutes per game. That would extend Wally's career, give us a shooter off the bench and a good FT shooter in the game at the end, and would give us a tough defender and playmaker at the 2 to complement our new points guards.