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It is worth noting that Hudson had the most out of zone plays (OOZ) among NL 2Bs in 2009 with 40, and ranked middle of the pack in RZR.  RZR, OOZ etc are stats that we know Blengino and company use, so when we're trying to figure out why management likes a guy we need to leave the convienence of FanGraphs behind and head over to The Hardball Times.
But I agree with your conclusion for the most part.  I see Hudson as a small upgrade over Lopez at best, and would only want Hudson replacing Lopez if, like you said, the Mariners can get another team to pay for Lopez's HR and RBI totals and help them fill another need.  2 years/$16M (as Dave@USSM suggests) is a little steep for me, though.  Given his injury history and decline he may have to settle for a lower base salary, but I guess that depends on how many teams are bidding.
I am a huge Hudson fan, but I choose to remember him as the hot shot Toronto ball of energy that was so fun to watch.  He's still fun to watch, but he's definitely lost a step or five, which is sad because he's one of the great characters to follow in the game.