I'd still go the 3 McGrath's but I'm not going to argue with the opposite view, it's more than reasonable, unlike "Murali and McGrath from positions 8 to 11 means an instant loss"
I agree but the 3 McGraths option is not reasonable IMO. With two Hadlees and an Imran (or vice versa), you would lose little, if anything, in the bowling. In fact, you might even be better off. With three McGraths, you have three metronomes which isn't necessarily a bad thing but there's something to be said for a bowling combination which offers you much more variation like a mixture of conventional swing, reverse swing, genuine pace and express pace. Also, both Imran and Hadlee had extraordinary peaks as bowlers:
They were also excellent on all types of wickets and could conjure up an unplayable ball from time to time which might be required to dislodge a well-set great batsman.
And the extra batting they would add is significant:
McGrath: 641 runs in 138 innings x 3 = 13.9 runs/innings
Hadlee: 3124 runs in 134 innings = 23.3 runs/innings
Imran: 3807 runs in 126 innings = 30.2 runs/innings
2H + I = 76.8 cf. 13.9 for 3M, an extra 62.9 runs/innings
H + 2I = 83.7 cf. 13.9 for 3M, an extra 69.8 runs/innings
So an extra 60-70 runs/innings.
Another point: Hadlee did an excessive amount of bowling for NZ and I suspect his batting suffered as a result. In a stronger team, I think he would have been more productive with the bat.