Well mate it's your call: it's your hypothetical team not mine.
For me, four front-line quicks plus Warne is overkill and therefore, to use your word, wasteful. In particular, picking Miller (batting average 37) at number 5 simply because he can bowl is wasteful, given the quality of batsmen you're leaving out to make room for him (Lara, G Chappell, G Pollock, Ponting). I suspect that, given your acknowledgement that your selection of Miller was a choice made with your heart rather than your head, you may actually intellectually agree with this.