Haha, I was kidding about the split state squad, but if I were to pick a realistic 15 man squad based on youth/future, I'd go for something like;
Michael Clarke (C) - Bat
Callum Ferguson (VC) - Bat
Cameron White - Bat/Bowl
Ben Rohrer - Bat
Phillip Hughes - Bat
David Hussey - Bat/Bowl
Michael Klinger - Bat
Tim Paine (WK) - Bat
Moises Henriques - All
Steven Smith - All
Mitchell Johnson - Bowl/Bat
Ben Laughlin - Bowl/Bat
Aaron Heal*/Xavier Doherty* - Bowl
Clint McKay - Bowl
Brett Geeves - Bowl/Bat
Clarke, Ferguson, White, Dussey and Johnson for experience. Hughes could get some form under his belt, Klinger could open or I could even see him in a middle order role. One of Henriques or Smith could play, or Smith could play in place of Heal. Geeves has played a couple of ODIs and done decently, and can chip in with the bat (99* x2 anyone?). Laughlin as you said would be better than Siddle, not to mention that catch he took against South Africa was kind of epic, just on the edge of the boundary. Rohrer's decent in ICC, and I saw he made like 95 or something the other day. McKay's just a star.
Granted, we'd lose 7-0 and it's not even likely a squad similar to this will be picked (Mussey, Lee and Ponting will most likely play), but it'd be good for youth. Just my thoughts.
* - I have no fliping clue how these guys went last season, I think Heal went alright but didn't even know if Doherty played haha