If this was a summer addition then I'd say no, we could - and should - do much better.
But I really can't see many of those summer possibles moving in January - or us spending big on another top signing this season.
So of the likely January candidates, I think Memphis is one of the better options. Rare that you'd get someone with his ability and CV available on a possible loan / free just when you need them in January. And, yes, that availability may to some degree be a reflection that he's not in the top tier of options - but we're not really shopping in that tier in January, and it's also just fortunate timing with Barcelona still looking to offload some players to ease their financial situation.
If it's a loan or free then I think it would be a potentially decent addition given the far from ideal situation we find ourselves in.