I think you're right. Iwobi as cover at 10, Gray cover at wings, Townsend cover at RW, RB.Regarding Townsend - we never really replaced Walcott and whilst James played at RW at times its only really Iwobi who was the one real option there last season.
Funnily enough James needs cover and Iwobi has placed through the middle during pre season (or did at least against Accrington).
I wonder if Iwobi will become cover for James in the middle and Townsend is earmarked as cover for a top quality RW?
For me if money is tight go sign Pereira from WBA.
I still think we'll bring in another RW, CB, CM, RB.
A bench with Iwobi, Townsend, Gray gives much better depth.