Odemwinger is a better winger than Walcott by a mile and would be a good shout for the wing particularly the right. As a striker I am not sure if he is consistent enough for us, his good season for West brom not withstanding. I am all for bringing him as 1st choice right winger who can play as striker but he isn't the 2nd striker we need.
EDIT: The more I think about it, the more I think this represents a brilliant buy but I want him as a winger not primarily as a striker. He is pacy, skillfull and direct. At the very least he replaces the use of Rosicky/bendtner/Eboue on the right wing and improves our options and effectiveness in those opposition setups where Theo gives us nothing on the RW, I believe he can also play on the left wing plus he can be used as a striker. He won't cost a lot in wages or transfer fees but he shouldn't be aan excuse for not buying a proper striker.