Assuming they are going with the two seperate squads as reported for red ball/ white ball, I assume they'll go full strength for tests and the rest for ODI/T20s. The ODI/T20 group still looks the stronger side relative to the competition.
Test - Burns, Crawley, Denly, Root, Pope, Foakes, Sibley, Stokes, Broad, Archer, Anderson, Bess, S Curran, Lawrence, Leach, Stone, Wood
ODI/T20 - Banton, Bairstow, Malan, Morgan, Billings, Buttler, Ali, Roy, T Curran, Jordan, Mahmood, Parkinson, Rashid, Vince, Willey, Woakes
Wicketkeeper issue likely to be one of the more open selections. Broadly I see Foakes, Buttler, and Bairstow as similar levels in Test, so you may as well go with Foakes in tests, and get the elite Buttler and Bairstow for the shorter formats.
Maybe get rid of Vince in favour of a Kohler-Cadmore or Livingstone to expand their experience.