If I could pick the squad myself yes. England are underdogs to win the tournament, but if you have a really solid defence and two decent holding midfielders then you can be very solid, and still retain the ability to control possession. You don't need the full backs bombing on all the time leaving space behind them. The 4 attacking options in the side should be good enough to create chances, as all can score from nothing really, and you'll be tough to beat and very good from set pieces.
England would never have conceded the first goal yesterday with Lescott at left back because he wouldnt have let the lad head it, he'd have just cleared it himself cos he attacks the ball in the air. I seem to remember Baines making a similar mistake against someone at Wembley. When Rodwell prowled the area in front of the defence for Everton he was quality and is quick and powerful, giving England a decent cover to break things up, and stop goals like the second last night as he'd have closed the lad down instead of standing off him.
Don't get me wrong Baines is easily the best England left back, but in the system I'd employ you'd be better with a left sided centre back who is comfortable at left back, so they can tuck in and pack the defence. I doubt we'll out football the top sides, so let's try a slightly different apporahc, difficult to beat with exciting attacking options.