Totally sceptical about the initial premise for this concept...
Although giving it some hypothetical legs... i would maybe suggest you not put Alonso up there, for the reasons of mobility etc stated above. I'd suggest someone along the lines of Benayoun or even Pennant would be better. Admittedly both are lightweight on the ball, but out of our current squad both have better close quarters control which would be needed in a crowded area on the edge of the box, and could slip the pass to an on-rushing Gerrard or a pouncing Torres.
I think i've suggested this before in another thread, and i cbf finding which one, but it went something like this...
Alonso Mascherano
Gerrard
Kuyt Babel
Torres
It looks the same as now, except the change is in the philosophy. Babel and Kuyt(or a replacement) rather than playing as wingers-esque players, play more of a front 3 with Torres, switching positions behind him as the focus of the attacking 3. The width on the wings would come from 2 attacking FB's like Aurelio (which we have, when fit) and Degen (apparently he is of the attacking FB mould), and the additional cover required when these FB's take turns getting forward would come from the CB's pushing out wider and either or both of the DM's dropping back towards the centre of defence when required, plus Stevie can be quick at getting back when he feels like it.
Then, with the 2 wider strikers drawing defenders out of position or across the edge of teh box with their runs, Stevie would have space to make a nuisance of himself, or to receive a pass back and a shooting chance from not too far out.
Obviously issues still have to be worked out, and well drilled defenses won't be so easy to manipulate, but against some of the shitter teams, smart running and the piledrivers from Stevie might see continued pressure on the defenders and goalkeeper and so mistakes made.
Fuck you if you disagree with me, Rafa told me all this in a dream i had.