Malbranque never should have left, yes. Take him back though... that doesn't smack of ambition to me. When he left I think we mainly agreed he's a great squad player, but not one to play more than 20 games a season (assuming cup runs there), I'm not sure that's the sort of player we should be hoping to buy.
I'd still love to see him in a Spurs shirt, I think he was underrated & spent his last season with us massively improving (and didn't he score against the goons? Always a bonus!), but - unless we're really struggling to get a left-midfielder - I don't think he's a player who'll add that much to the team as a whole, & it hardly makes us look good to buy back yet another player sold last summer, especially one who's only average-good.