I think that a 3-man midfield, with two up top still (4-3-1-2) could well suit our personnel. We're not blessed with great options in terms of wide attackers, and most of our width comes from the full backs anyway (esp. Zaba and Kolarov). We do though have three top class strikers, arguably the best No. 10 in the world, and other good options for that position. I also think playing with three would allow us to rotate more freely - as part of a two-man midfield, I think we're still largely limited to perming two from three (Yaya, Fernandinho, Fernando), depending on the opposition (Milner can perhaps do a good defensive job in there, but we lose something in terms of our ability to keep the ball). Lampard will struggle in a two, but could very easily be used as part of a three. Even Nasri could be used in a three as well, particularly in games in which we'll be on the front foot.
The main point I'd disagree with is the idea of using Yaya further forward. I've never thought it was his best position, and I think we have better options there. Facing the play, with the ball, he's a 9.5/10 player; ahead of the ball, with his back to goal he's 7/10. His main value to us is his ability to get on the ball and dictate things from a deeper position. The lungbusting runs catch the eye and get flagged up in the media, but that's an additional string to his bow - it's as a playmaker that he is so important to us. In fact, were we to play three in midfield, I'd be more tempted to drop him back further still and ask him to play as the deepest midfielder (a la Alonso) with two workers alongside him - it would also make it far more difficult for opponents to get in his face and press him. Whether he has the positional discipline for the role, I'm not sure, but would be interesting to see.