This wouldn't be that bad. Throw in Youkilis to play some third and some first to spell the two vets (Olerud and Mueller), and you've got yourself a lineup. I think it's a little unrealistic to expect Schilling in the rotation anytime soon, but swap him and Arroyo and you've still got a solid staff. Then, when Schilling is ready, swap again.
Take a look at who the youngsters you listed here (Papelbon, Lester) would be replacing: Embree, Gonzalez, and Halama? Bitch please. They won't be lights out, but I would expect ERAs less than 7 on both accounts.
On that note though, I might give Declarman a shot before Papelbon or Lester. He's already a reliever, so no acclimation to a new role is necessary. We may want to bring DiNardo back and promote Lester to AAA before throwing him DIRECTLY into the fire...
We could always bring Cla Meridith back (elsrbueno avoids bottles being thrown at his head)