I agree largely with your post, CF. The UFA crop isn't terrific this year (although I'm curious to see how teams use their compliance buyouts). At centre, there's Weiss, Roy and Ribero, and none of the 3 fill me with tremendous confidence over Bozak, who is younger than all 3 of them. If you can get one of them on a good deal, then go for it, and whichever is your best centre (including Kadri and Grabbo) plays on the top line. But I'm also not adverse to giving Colborne a shot on the third line and letting him earn his ice-time, much how the Leafs handled Kadri this season. But if he can't get the job done, is there anyone in the organization who can?
As far as UFA wingers go, Iginla would be amazing and would provide leadership this team sorely needs, but I don't think he has any interest in coming here (especially if Phaneuf is still the captain). Clarkson would be a good one too, but much like you, I fear he is going to get paid out like a first liner, when I think he's a good 2nd line winger at best. If they can get him for $5 mil or less, I'd be very happy.
As for defense, unfortunately, I'm not sure the two-way first pairing d-man is available any way other than trade for an Erik Johnson or someone of that caliber. Maybe, I could be convinced that Ian White could be that guy, as he played on the first pairing with Lidstrom last year, but didn't have very good stats without him in 25 games this year. I'd also hold of on buying out Liles, at least for one more year. I think if Morgan Reilly wants a spot on this team, that's the player he has to supplant. So keep him around until that happens.
Lupul - Kadri - Kessel
JVR - Grabovski - Clarkson
Kulemin - Colborne - Frattin
Komarov - McClement - McLaren
White - Phaneuf
Gardiner - Franson
Gunnarson - Liles
Fraser (provided he can play next year. :S)
Ranger?