Nice write-up and clearly well thought-out. I mentioned in another thread that with McGinn and Grealish, supplemented by Lansbury, Jota and Hourihane, we have an over-abundance of attack-minded central midfield players, none of whom are comfortable in wide areas. Jota and Jack can "do a job" out wide, but it's not ideal to be taking our best player (Jack) and playing him as a winger. I do think your 4-2-3-1 suggestion could work. It's a case of whether Deano wants to change it, or persevere with 4-3-3 in the thought that eventually Trez will be more influential and Targett will find fitness and form. A 4-3-3 works well when you've got good wide forwards/wingers and attack-minded full-backs. At the minute we have 50% of that (at best).
Another thing we know is that Deano is very much a believer in playing players in their natural positions, so I can't see him changing too much from that. The 4-2-3-1 would only look good to him if he sees the potential of Jack/Jota playing slightly wider. McGinn, for all his energy and effectiveness, will never be comfortable in a role other than marauding through the middle (and he is very good there too).
Personally, I still think it's too early to judge the new players, as they adjust to the new team and league, and to a certain degree the squad that came up also, which is very light in terms of premier league experience. Changing the system may work, or it may make things worse. Glad I'm not the manager!