I would say absolutely not. Not long ago (last year in January), Dion Phaneuf was voted "most overrated player in the NHL" in a Sports Illustrated poll done by 161 players in the NHL.''
Under 76 minutes of ice time, Phaneuf has registered only one single point. He is -7 plus/minus on the season. The defenseman on the other side of the deal, Dan Boyle, has racked up 7 points in 64 minutes of ice time, 5 of them on the power play. That, to me, would be a losing situation.
On the other half of the deal you are left with Koivu and Gagner.
Gagner not only outscores Koivu in goals, assists, PIMs, and powerplay points, but he also does so with double position eligibility.
Overall, I see this as a lose-lose deal, man. I would recommend shutting this one down.