Bledsoe is undersized, as is Dragic if you move him to 2. In all fairness, both of them are decent defenders, but both are undersized.
Neither one of them is a great shooter (big difference between Dragic/ Bledsoe and Stockton/ Hornacek). I also don't see Bledsoe as a point guard, but as a severely undersized SG that can't really shoot all that well.
If Dragic can guard SGs, and can become a better shooter, it may very well work, but that's an awful lot of "ifs".
The only way I see this working is if they (especially Dragic) find a way to improve their long-range shooting by 10%. Having said that, judging anything based on next year will be meaningless, as there is no shooting on this team, there is no presence in the low post, there is no real shooting guard on the team. Regardless of how it turns out, I really won't trust the results.
Don't get me wrong- I like both of them, and I disagree with Eric's "doom and gloom" prediction, but Dragic and Bledsoe are not Stockton and Hornacek. Hell, both of them combined are not a player Stockton was. My post is not intended as a "This will not work" statement, but simply an attempt to set proper and realistic expectations. At the end of the day, it doesn't really matter if it works or not. Both of them are assets that can be traded for some value, and neither of them is a franchise player. I am excited to see how it turns out though.