I actually think Ray would be a monster on the recruiting front. Recruits know him and he is one of the most respected guys in the history of the NBA. On top of that he has the de facto title of "The Greatest Shooter of All Time" which is huge, when you ask an average person who isnt necessarily an NBA fan "Who is the best shooter of all time", 9/10 the answer will be Ray. His work ethic is legendary and is something that is worth its weight in gold in terms of coaching, if a coach put that much effort and time into developing his own game, imagine what he'd do for these guys in practice.
That being said, Id say there is a roughly 10% chance he coaches at the college level. He has been insanely successful throughout his career so money is not an issue for him at all, he is also a family man so I can see him wanting to relax and spend time with his family after he officially retires. If he so chooses to coach somewhere down the line, I'd say its more likely he is offered a head coaching job in the NBA much like Steve Kerr was given, simply because of his name recognition, work ethic, and knowledge of the game.