Now that the league has gone ( in practice if not in theory) I would be happy as a fan if we prioritized the FA Cup over Champions league because we have a chance of winning the former and no chance of winning the latter.
However our owners and probably the players will want progress in Europe as opposed to winning an FA Cup.
Hence we can write off the FACup, the only question is how weak a side are we prepared to put out against Chavs given the adverse PR for the club of a heavy defeat. Also could there be ramifications for playing a weak side something similar to Mick McCarthey's Wolves, who I believe we're fined for fielding an understrength side against the rags prior to a game against relegation rivals?