I don't really see what the issue is with Scholes-Lampard. It's not like this is 1995 Scholes paired with him. Scholes the central midfielder (whether box-to-box or deep-lying playmaker) always wanted to get into the midfield, get the ball, and dictate play. He was one who wanted to run the show, always making himself available for the ball and playmaking accordingly. Lampard is someone who'll be more attacking than Scholes in that respect, looking to play more in the final third and playing a more supporting role to Scholes rather than trying to take control of the match. Fernandinho, on the attack, is quite reserved and simple with his game, so there's no way Scholes will be restricted in his natural game.
In a sense, this midfield is similar in structure to Makelele-Tiago-Lampard, though Fernandinho is nowhere near Makelele in ability.
Also, I don't see how Ljungberg won't be influential. He'll be getting a supply from Scholes and Lampard through the middle, and Ljungberg himself was also dangerous with his deliveries from out wide. Lampard and Drogba both would have a good time getting some nice through passes/deliveries from Ljungberg as well. His runs will cause opponents problems, especially since he's adept at both ends and through the middle as well.
With regards to Young, if we're going by his Aston Villa days, then I do think that he could be effective here. The Villa Young was someone who always looked to put deliveries into the box or cut inside. If he's putting deliveries into the box, then he can put in decent crosses, and Drogba's the perfect man to meet them as well as Lampard. Cutting inside, though, I don't think he can be that effective as CRW's defence is quite a wall. The same goes for Ljungberg, who'll have to deal with Irwin. If his movement fools Irwin, though, Hyypia should take care of him seeing that he wouldn't have to deal with much else given CRW's very defensive midfield setup.
However, having said this, Stain's midfield is quite light and weak, defensively. Both Lampard and Scholes were more supporting players in defence and couldn't contribute too much, defensively (the deep-lying Scholes did demonstrate good defensive positioning, though, but I don't think he's referring to that Scholes). Plus, Fernandinho's vulnerable to being attracted to a ball-holder, and I can see Okocha cause lots of issues here for him in that sense and open up spaces for others to exploit. It's irks me, though, that I don't see CRW's team have enough of an attacking threat to exploit the defensive weaknesses.
In the end, I think CRW wins this one with a low-scoring yet controlled performance.