We haven't really thought about this much, but at first blush it seems like something we'd feel comfortable supporting:

The embargo isn't going to last more than a month or two anyway. Food and medicine have to get into the Gaza Strip. The world simply will not accept a situation where Palestinians have to go hungry, no matter how directly it's a result of a party that they elected and empowered. So all things being equal, why not get Shalit back in the process?

There's also another consideration: Israel is eventually going to have to invade the Gaza Strip to wipe out Hamas. Whether Hamas is well-fed or not at the time isn't going to make much of a difference. It's much better to have Shalit out of there before that invasion happens. Of course, it probably won't happen. Hamas can't seem like they're following up their glorious creation of an Islamic utopia by negotiating with the Zionist Occupiers. But it's nice to hope.

References:
* Report: Israel offers Hamas a deal for Schalit's release [JPost]

Previously:
* Details Of Shalit Deal Emerging. You're Not Going To Like It.
* Palestinians Say They Won't Release Shalit Because of Qana - Asks World to Forget That They Weren't Going to Release Him Anyway
* Shalit Kidnappers Were Palestinian Authority Employees