Muhammad has always been a solid reciever, but like you said, he's in Chicago now. He's also getting up in years, so I wouldn't expect him to be around that many more seasons. I think had he had a QB with any level of talent his entire career, we'd be mentioning his name with the likes of Owens, Harrison, and Moss. Unfortunatly, he's had really bad QB's he's played with until Delhomme showed up. Still, I'm not sure what you could get out of him that would be much better than what you've already been offered.
If you think he can make a run in Chicago, keep him. If you're looking at things like he doesn't have a chance of doing much this year and you wanna look to the long term, I'd more than likely trade him for Lloyd. Lloyd shows a few flashes of being a good reciever if he ever gets a QB in SF or moves to another team(He'll be an unrestricted FA next season as well) while Muhammed, has to either wait for Chicago to get a QB( by which time if they do he'll probably be ready to retire anyway) or try and catch on with another team(which likely will be a couple years down the road at which time he'll be close to retireing again and likely playing a second or more likely third WR role)
In short, I think Muhammad will have a better season this year than Lloyd, but I think in the long run, Lloyd is a better choice.
One more thing though, don't be in a hurry to drop Cooley if you add Franks. Cooley as a rookie last season caught 6 TD's on a very bad offense, and is more often than not the favorite target when Washington does get inside the 20. I think he should have about 8-9 scores this season.
If you can get Duece for Muhammed, do it in a heartbeat. That's just highway robbery
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