I could argue that #4 is still the least likely even in that scenario. The reason is because of the way the drawing works. First they draw to determine who is first, then 2nd, the 3rd. Thus we would have to make it past all three of those selections before we would have the #4 pick.
I assume you're sort of joking, but the order in which the picks are drawn is already represented in the probability outcomes.
Here's another way to think about it.
The pick for #1 takes place.
25% of the time, the Suns get it.
75% of the time, someone else gets it and we move on.
The pick for #2 takes place.
The Suns have 250 chances, but the total number remaining in the pool is unknown, because we don't know who got (meaning, who will get) the #1 pick. Averaged over all possibilities, the Suns' total probability of getting the #2 pick,
if we get here, is 28.7%. Since we go down this path in only 75% of all scenarios, the Suns' overall probability of getting the #2 pick is .75*.287 = 21.5%.
71.3% of the time that we get to #2 (100% - 28.7%), someone else gets #2 and we move on. The Suns will be in the pool for the #3 pick in 100%-25%-21.5% = 53.5% of all draws. (You can also calculate it as .75*.713 = 53.5%.)
The pick for #3 takes place.
Again, we don't know what the competition is. For example, if the top two picks went to the second and third lottery seeds -- whose virtual lottery balls would now be removed from the system -- the Suns chances of winning the draw for #3 could be as high as 250/(1000-199-156) = 38.8%, with their closest competition being the #4 lottery seed and their mere 119 virtual balls. On the other hand, if (by some great unlikelihood) the top two picks go to the two
lowest lottery seeds, the Suns' chances of winning the draw for #3 are only 250/(1000-6-5) = 25.3%, barely any better than their odds of winning #1 in the first place, because they are still up against the other big guns in the pool.
Averaged over all possibilities, the Suns' chances of winning the draw for #3,
if we get here, are 33.3%. Since we'll get to this point only 53.5% of the time, their overall chances of winning the #3 pick are .535*.333 = 17.8%.
The other 66.7% of the time that the Suns reach the draw for #3, they will lose it and be awarded #4. This will happen in .535*.667 = 35.7% of all cases.