I agree with your analysis, especially with regard to Welker. We would "start" with Lloyd on on side and one of Stallworth or Ochocinco or Underwood on the other, with Branch in the slot. Gonzo is a wildcard contributor if he is healthy. Edelman is a backup in the slot. Obviously, Hernandez can also stretch the field.
BOTTOM LINE
Let's play a regular offense! Having 2 slot receivers as our top 2 receivers makes little sense. Obviously, this strategy can work. Brady set records. But somehow, I don't think that this would Josh's choice.
1) We have made a huge improvement at TE with the addition of Fells. We now have depth at TE. In addition, we have a true 3 TE set. Solder can now be a full-time OL.
2) We are in transition at WR. We now can stretch the field AND also run the offense we ran last year. Branch in a fine asset. Even at a diminished level, he could be a solid slot receiver. Of course, Brady also has TE choices over the middle.
3) We are doing very well in our OL transition, as long as our OL's can develop as OL's instead of fullbacks and TE's. I could still see us considering using an early draft choice
for an OL.
We would then have a 2013 OL consisting of Solder, Mankins, Connolly, newbie, and Cannon, with Vollmer there if he is healthy. We will be very solid in 2012 with Waters still here. Gallery is a solid backup for Mankins and Waters.
4) The only pieces missing are a veteran running back (could end up being an inactive backup which is fine) and a developmental WR (who would likely be inactive for much of 2012).
Yeah, Slater gets a spot as a "Player" not as a WR.
I still think it's 50-50 Welker isn't back. With Lloyd here we could easily trade Welker and go to two true outside WR with the two TE instead of one true outside WR and a slot guy.
Unless progress is made on a long term deal it's probably the choice of keeping him at the franchise number for one year then letting him go or trading him now. We could franchise again next year but with a 20% raise that would be $12M.