One reason I would not have been upset about the Reds trading Broxton prior to July 31 was the fact that he (and Simon) were perfect sell-high candidates. Broxton won't have a .175 BABIP against for the rest of his career (including this year his career BABIP against is .300).
Sure, Broxton is a useful reliever, but if the Reds could have acquiried another good player who makes less money, the Reds could maybe have enough money to upgrade LF.
I am less worried about having a good set-up guy than I am having a good LF. I wouldn't want to just give Broxton away, but if he could have been "sold high," I would have supported Walt in making that move.