Hinrich is no longer that player, but as a backup to Damian Lillard, he still holds a lot of value, and I would imagine that the BLE would be enough to get him.
This is all assuming that we do not bring Mo Williams, back. While there are better options than Williams it would take the MLE to get them, and we've presumably given that to Chris Kaman (which for the record, I don't have a problem with).
Hinrich isn't as good of shooter as Williams, and is a couple of years older, but he is still a stout defender and would be able to play WITH Lillard more effectively, if that is a route that the Blazers' continue to go. He shot 35% from three last season, but is a career 38% shooter, while Mo shot 37% last season and is a career 38% shooter. It's not a huge stretch to say that Hinrich would shoot better in Portland's offense.
I think a one year contract for the BLE would be of good value, and would value it higher than a three year contract (of any salary) for Mo.