Oh, he definitely needs to become more of an offensive threat to thrive - as soon as defenses stop respecting his ability to score points himself, it will become much more difficult to set up his teammates.
Right now he's a "glue guy" - he rebounds, he facilitates, he moves well without the ball, he knows his defensive assignments and rotations, he protects the ball, he helps both against zone defenses and pressure, etc.... a lot of that doesn't show up in the box score. The only thing missing from his overall game is points, which hopefully comes.
He really is more of a "point forward" on the floor the same time as a "point guard" - maybe an "off point" or "secondary point"? Which can work, as our primary PG is also a scoring threat who benefits from getting assists as much as dishing them out. But Mulcahy also needs to get a few buckets each game to keep defenses honest.
Edit to add one more thought: We have three guys who can handle point responsibilities (Young, Baker, Mulcahy) and usually 2 are on the floor at the same time. That can cause additional pressure on defenses, as it forces them to have two guys who can effectively guard a ball handler/distributor - which can sometimes get favorable matchups.