Well, you've got great starting pitching, that's for sure. You are probably deep enough there that you could afford to trade. The waiver wires, however, might be a better first option.
You've got some decent folks to put in the outfield, but also some question marks. It will be interesting to see how Matsui and Payton do this year (I'm not that big on Payton).
You can probably ditch German for now without too much worry, and I imagine there are better outfielders than Cedeno available on your waiver wire. See if Kearns or Jose Cruz Jr. are available (unless you are holding onto Cedeno for stolen bases - although he's been so bad that it might not be worth it). Cruz could really turn things around in the SF lineup and playing for Alou.
Here's another idea. I imagine there are still some decent first basemen who weren't drafted. If you got, say, a Carlos Pena, Nick Johnson (assuming his wrist is okay), Jeremy Giambi, Jay Gibbons, etc., then you could play both Klesko and Dunn in the outfield. Though these first base options are riskier, any one of them could (I stress *could*) turn out to be better in your lineup than Stewart, Lee, or Payton.
Picking up a 1st basemen for Cedeno would at least give you more flexibility.