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Interesting - I could hardly agree less with you if I tried....
Full Backs. The first choice two are amongst the best pair in the league. The back up is non existant because Redknapp loaned them out but if Naughton and Corluka (and Smith) are back then along with Danny Rose as well we probably have better back up than most other teams in the league as well - 3 England under 21s and one full international.
Centre Halves. Kaboul is a very good centre half in the making. Is getting better with each season. Dawson would be better back up than pretty much any other team has in the Premiership. Gallas is also still a very good centre half (albeit injured too often). Caulker can come back and be excellent back up. Therefore probably 1 top class centre half is required.
Wide men.
Pienaar and Kranjcar would get first choice starting places for most other teams in the Premiership. The problem though is that neither are like for like. A pacy, tricky true winder is required as backup. Townsend probably should've been retained instead of loaned out to give us a true winger type player
Central midfield. The one area where I agree with you. Modric, Parker, Huddlestone, Sandro, Livermore. No problems there really.
Forwards. Personally I think we should do all we can to sign Ade but also make sure we have a better replacement for him than Saha if he cannot play. Without Ade our whole gameplan doesn't work as with VDV wandering around so much and often ending up alongside or even behind our deepest lying midfielder the centre forward is left isolated. Our centre forward has the hardest job on the pitch. He has to be able to play up top on his own, hold the ball up and run the channels but also be good enough to get involved in our intricate passing game around the penalty area (there aren't too many forwards like that out there - in fact Ade is one of the best in this respect).
Of course some fans overrate players but I think you are also a little guilty of underrating some of our squad.
The following are all excellent players who would get into most of the top teams in this league.
Walker
Kaboul
Ekotto
Lennon
Bale
Modric
Sandro
Parker
VDV
Adebayor
The following are all players that would get into the starting line ups of all but the top 6 or 7 teams and be considered great squad players at even the top level teams:
Corluka
Dawson
Gallas
Pienaar
Kranjcar
Huddlestone
Defoe
Don't let the fact that we have had some misfortune, a loss of confidence and perhaps some injury/burn out issues fool you into thinking that we don't have good players. The one thing that we lack compared to the other top four challengers is that real outstanding centre forward (Rooney, Aguero, Van Persie, Drogba). All of those players have won games for their club singlehandedly this season. We do not have that and the only way we are going to get it is to go out and spend massive money on a transfer fee and wages or to take a gamble and get lucky with an up and coming player.
You dont half over estimate our players Thomas, City,Utd and Chelsea in my opinion are better than us, four players at the most would get into their sides, if we want to be a consistant top four team I think we have to improve dramatically, on top of that King,Gallas,Friedel are coming to an end and kaboul seems to have a suspect knee, there needs to be big investment and with the stadium coming up its going to be difficult.