In this scenario, the key difference would be the inclusion of Devin Vassell instead of Walker. While Spurs fans, and presumably the Spurs themselves, would hate to lose Vassell in any trade for a non-All-Star, including him does make some sense. Vassell is having an excellent season thus far and has even emerged as the team’s sixth man.
Additionally, at just 21 years old, he has a high offensive and defensive ceiling and could serve as a strong long-term fit beside Jalen Green for the Rockets as opposed to Wood. Meanwhile, White would still serve as a talented stop-gap on the rebuilding Rockets and could later be moved to a contender.
For San Antonio, even with Wood, they would still likely finish in the top half of the lottery, meaning that they could still end up with a top-five pick in addition to Wood. Still, the trade would leave them thin on the perimeter and they'd likely have to use their lottery pick to draft a guard to help replace White and Vassell.
Of the two trade proposals, the first appears to be the more realistic of the two and could benefit both teams. White and Walker, as of now, don't appear to factor into the team's long-term plans, and swapping them out for Wood would be ideal.
For Houston’s part, they’d receive a first, which could be a top-5 pick, for a player that is unlikely to be a part of their future as well as two solid rotation players. Ultimately, it's unclear whether Wood would even be on the Spurs' radar, but I believe that he absolutely should be, and could ultimately be a great fit for this team.