Though there still seem to be some doubts if the series will go on; I believe that BCCI will not cancel the series.
I understand that the BCCI is very powerful, infact they are more powerful than the ICC. So even if they do cancel the series nobody can do anything to them. But right now everyone should just chill for a few days and rethink everything.
So assuming the series will go on:
Australia - Drop Hogg and Johnson, bring in Tait, Noffke
India - Drop Jaffer and Yuvraj, bring in Sehwag and Karthik, move Dravid to No.6
Dravid should play at No 3.