Me:
McNabb

Him:
WR A Johnson
WR M Colston
QB Pennington

Basically he is out of the playoffs and is looking for a keeper. Should I pull the trigger?

Current WR:
Boldin
Mason
Williamson
T Taylor
M Furrey

QBs after trade:
Favre
Pennington

I'm just not sure it's worth it as I will more times than not only be starting two WRs(we can start 3 RB and I have T Jones, Dunn, Barber, and McAllister). I was looking to shop McAllister for an upgrade at WR, but I haven't found anything yet. Any suggestions? This is a keeper league and we can keep up to 3 players each year if that makes a difference.

I'd keep McNabb and try to trade Favre and one of your RB's for AJ or Colston.

He won't go for that because he is looking for a keeper. I would guess only T Jones would be a possible keeper as far as RBs go(assuming Tiki ends up retiring). I think I may look around else where and shop a RB to someone for a WR.

It's rarely good to be receiving more players than you're giving up. I don't think this is an exception. I'd keep McNabb. Since you need to add only 1 WR, I'd do as Bullies suggested and shop a RB. You ought to be able to trade a RB for a WR.