Personally i would start him against arsenal on the right wing and see what he can do. It seems when the pressures on, provided he can stay fit he seems to rise to the occasion, i recall a couple years back when our strikers were all injured so vaughan stepped up to play solo striker against chelsea on the last day of the season. He scored a goal which they later equalized, and almost put us ahead again with an excellent bicycle kick effort.
i think its too early to loan him out now, we don't know how injuries and form will play out. I'd rather we held onto him, try him out to see if he can make it at midfielder (thats where we need reinforcements), and if he's found to be in surplus of our needs we can loan him out in january.
its now or never vaughany, get in!