This is a good deal for you. Randy Wolf really isn't very good anymore, so you shouldn't be concerned with giving him up. Still, while Wood has a good opportunity to be called up, I wouldn't expect much from him for the next year or two besides a lot of K's. He's going to be good with time, but since you only keep 12 players he probably won't be kept.
You should still do the deal, just incase Wood does come in and do well - but just realize the chances of that are slim. Your basically trading mediocrity for potential in this deal. You might as well take a shot, you don't really have anything to lose.
"Don't take anything for granted, because tomorrow is not promised to any of us." ---Kirby Puckett