Bard can close. Any questions you have about his "make up" should be mitigated by his "stuff" which is markedly better than any other closer on the market, including Papelbon.
As for the 8th inning guy, sure, they should get someone who is a lock-down, guaranteed not to fail set-up man. Baring that (because those guys don't exist on the market, they become closers for the team they were previously setting up for) they either need to go the existing closer route (Madsen, Bell, etc.,) or the middle reliever route.
Anyone remember a guy named Okijima? He was an unknown in 2007 and ended up being the setup man. They don't need to identify the guy right now. They just need to have enough options. I wouldn't be shocked if Alex Wilson or Kyle Weiland or even Michael Bowden played a significant role in the pen--hell, Wilson could be a setup guy.
If you're one of the folks who wishes that the Sox had Andrew Friedman running the team, you better believe those are exactly the types of moves he would be exploring. Benoit, Farnsworth, etc., were not bonafide closers or setup men when he relied on them. And if you think that with a newfound financial advantage suddenly Friedman would be putting his money into MR and SU pitchers, think again. Even a team with the Sox financial advantage needs to budget and figure out where to allocate funds.
With another MVP season people will be wishing the Sox could sign Ellsbury and take back the $10m paid to a setup man (the most volatile position in the sport).
Ideally they will get a "name" to placate the fans at closer, keep Bard in the 8th inning role, and add another bullpen arm of two. No need to reinvent the wheel.