Cooper is a decent player and it would be good to see him go out on loan again, maybe to a lower half team like Barnsley where he has more chance of getting games. Faye is a very decent signing on a free transfer and will add vital experience to a relatively young defence
I would also much rather him to go on loan to another weaker Championship side. Help him get to grips with the Championship's physicality and have some determination, strength and grit engraved in him from a Relegation scrap. He did do well filling in for Hobbs last year, but it's whether or not you want to risk putting faith in him for being consistent.
If we loan Cooper out then we need to loan somebody in for ourselves, otherwise the only cover for Rosenior, Faye, and Chester will be McShane and then Bradley We're back to 7 subs this season, have him on the bench, bring him on for 20-30 minutes at the end of games, give him starts in the cup games, and use him as Chester's cover. Bring him on and develop him under no pressure. If we send him out to a weaker Championship side they might start the season with him and then decide they want to go for a full on brick wall of a defence and he ends up on their subs bench right through to when we can recall him in January.