Given that the one-day series in Sri Lanka coincides with the Duleep Trophy, everyone will likely participate in one tournament or the other barring injury. That said, it may still be a good idea to pick the squad based on our priorities ahead of the tour of New Zealand. Essentially, there are three openings in the test squad: a reserve middle-order batsman (Badrinath, Sharma or Pujara) and two reserve seamers (behind Zaheer-Ishant-Munaf, so it's mainly down to Praveen, Irfan and Sreesanth), one of whom may be an all-rounder (small chance for Jadeja here). Hence, it makes sense to get these boys in the Duleep Trophy and send the rest for the one-day series.
Sehwag, Tendulkar, Gambhir, Raina, Yuvraj, Dhoni, Yusuf, Bhajji, Zaheer, Munaf, Ishant with Kohli, Praveen and Ojha as reserves.