I both agree and disagree with the posters above.
I agree that Lockett seems very similar to Joe Coleman, and wouldn't address our biggest needs -- a "true" PG; a deadly outside shooter; scoring depth in the post (or, a true center). Also, more importantly, bringing in Lockett at best would have stunted Coleman's (and to a lesser extent Austin's) development and at worst, made Coleman mad enough to transfer. Basically Lockett would share or take Coleman's minutes. Is Lockett better than Coleman? At this point maybe slightly, but not enough to merit losing the upside of Coleman's last 2 years.
On the flip side, if somehow we could've made the chemistry work (and it's not like we have great chemistry the way it is) it's hard to see Lockett not making this a better team. IMO he would've made a great sixth man, had he been willing to accept that role. Everybody was thinking that Welch was going to be good in that role for us, but look how that's turned out. So you could look at it as Lockett vs Welch instead of Lockett vs Coleman ... and through that lens, you could imagine us winning a few more games with Lockett, and maybe avoiding the mid season skid that turned us from a top 10 team and FF contender into just another NCAA team with a "shot at making some noise."