I think that if neither Reinbacher nor Pelikka Sandin are available at #13, then that pick = #28 plus Liljegren. Buffalo shouldn't be adding more.

Honestly, I don't hate that at all. Toronto should strongly consider, although if one of Sandin-Pelikka or Reinbacher are available at that pick, Buffalo should hang onto it

Buffalo needs to address the RD position, whether through trade or the draft. You could always trade up, but it’s going to cost a pretty penny to do so.

I think

To BUF: Pick #28, Timothy Liljegren
To TOR: Pick #13, Henri Jokiharju, fourth line player

I think this is the better trade. Toronto addresses depth needs and moves up. Buffalo gets the Top 4 defensemen that they need in order to compete.

Jokiharju is a roster player. Pick 28 and Liljegren get you pick 13, not pick 13, a roster player and a fourth. And I think that this trade evaluates Lijegren as a #2 RhD (which some may argue is generous), because if he's only a #3 RhD, Buffalo has that already and shouldn't be making this trade at all.

While I agree with your statement, that’s not the price Toronto has on him. He’s a big part of their future and it’d take a really sweet deal to pry him away. He’s also a RHD, which is one of the more coveted positions in the NHL. I’ll close with this, when there’s a certain player you want, it’s always going to be a slight overpay. Nobody liked the Hronek deal (unless ur a Wings fan), but it addressed a major hole.

Edit. Buffalo has demonstrated a willingness to overpay for players it’s wanted before. Look at the Greenway deal.

Lilly is easily a 2RD and can be a solid option at 1RD with a good partner. Joki is significantly worse

The trade isn't Liljegren for Jokiharju. The trade is #13 for #28 and Liljegren. Liljegren is the difference between #13 and #28. He's the reason why Buffalo would entertain the idea at all. Whether Jokiharju is significantly worse than Liljegren is as irrelevant as it is undisputed. Another way to look at it is that what you are saying is that Liljegren and #28 is worth more than #13 unless Jokiharju and the fourth are included, which is saying that Liljegren and the 28th alone are worth #11 or #10. I don't think you'll have many in agreement with you on that.