With the Texas Rangers apparently close to signing free agent 3B Adrian Beltre, Michael Young could move to the Rangers. He could also be traded. Young isn't a great fielder but he isn't traditional DH material (though I would consider DHing him) and they may want to get some of those millions they are paying to Beltre. Selling Young would be taking a loss on his actual value but I don't think that the Rangers are inclined to care because they are trying to take another shot at the World Series.
The Dodgers could use an upgrade at 3B. Casey Blake could move to left where he can be the righty-masher in a platoon with Jay Gibbons. Not great but that is much better than anything the Dodgers have lined up. Young is under contract with the Rangers for three more years at $16 million per year. I think given his worth for the first two years of the contract ($32 mil), they are going to have to send some cash with him wherever he goes.
Young is 34 so Ned probably already wants him on the team, he has been worth 21.8 WAR since 2004 when he first showed up on the MVP ballot and he still hits for power. However, the Dodgers probably can't afford him even if they had some cash thrown their way in the deal. Chad Billingsley would be a bold move but I don't think that the Dodgers should give him up in a deal with Young unless the Dodgers get a prospect as well.
Michael Young would be a good fit for the Dodgers. Perhaps if Ned hadn't brought a $4 million reliever on board, a $3.25 million on an old catcher or a $7 million Juan Uribe, Michael Young could be more readily obtained. As for Chad Billingsley, he could have the attention of the Yankees as well if they are serious about getting another starter on board.
The deal should be entertained but it is probably out of reach. More thoughts on Billingsley's value later.