The Reds will not be trading for a LF. Let alone one who is 33 years old, and will be 34 years old next season in Bautista. The Reds won't give up a valuable trading chip for that. I the Reds move Bailey, they need younger prospects in return, not expensive veterans. The Reds don't have much room to increase their salary, and they still need to sign Latos and Cueto/Bailey longterm.
The real reason to not resign Choo or trade for a LF is 3 fold.
1.) It's a strong draft next year, so the extra pick will help when Choo signs elsewhere. (The Reds should make a QO for Choo)
2.) The Reds have Ludwick signed for next year and $9mm in 2015 with a $4.5mm buyout. So buy him out for $4.5mm or pay the additional $4.5mm to keep him. He will be around (likely) for 2 years.
3.) Phillip Ervin and Jesse Winker. Ervin came out like gangbusters last year after the Reds drafted him in the 1st round. He will have @ least a B+ grade by Sickels when Sickels profiles the Reds top 20 prospects for 2014.
Ervin has the potential to be in the majors by the end of 2015, but definitely @ the start of 2016 to replace Ludwick in LF.
The Reds only have 2 decent hitting prospects, and they are both OF's. THe Reds aren't going to sign someone that will block them, considering how Hamilton and Bruce will be around for a while to occupy the 2 other OF spots.