Ironically, to get back some of the shape & pace that we had when we still had Gradel, Andros Townsend is exactly the type of player I'd sign. I personally think he'll be a great direct replacement, attacks with pace down the left & defends when he needs to.
As far as having money to spend, it's a bit too hyperthetical, but going on the basis of having a modest amount of money released, I'd go for Kilgallon, McCarthy & Lichaj (if fit) on permanents.
As for players to be let go, I'd drive O'Dear back to Celtic myself. Obviously the other deadwood like Paynter, AOB & Bruce would be allowed to leave, as would Forssel. I'd also have kept hold of Alexandre Mendy who'd be useful cover for Snodgrass.
Obviously I'm not breaking the bank, it's impossible to get into that mindset as Bates is going nowhere fast and no Leeds United manager would have millions to spend.
Finally, if there's not much to play for towards the end of the season I'd give a few games to Charlie Taylor and Monty Gimpel in readiness for next season.