I had to reread the Rules re O'Donahue, and believe that the Wicks may have got it right with their assessment of 1 point for him.
While he was a 4 point player last year having played in Div 1 Aust Schoolboys champs in 2012, in 2014 he is a class F "All other player" = 2 point. He is no longer classified as E (4 points) because the criteria is Div 1 at Aust Schoolboys in 2013, which he did not attend. He could only classify as Class E if he played nine (50%) 1st grade Colts games for the Wicks last year. I do not think he played that number.
Given that he is a Class F player worth 2 points, then Wicks have applied a 1 point discount for local (played with Wicks in 2013).
Declan is a quality player that is probably "worth" 4 player points, and he would be chosen by many over the likes of the this years Y12 flankers who played Div 1 at Aust Schools Champs in 2013 as Y11 boys, and are therefore worth 4 points. The rules surrounding Player Points seem to contain some anomalies.