Agree being alongside Mainoo is not the same as Valverde. But then, the issue would be Mainoo.
If we expect him to develop into someone capable of playing in a double pivot, then Ugarte is as solid an all-terrain partner as we could get for him. That's where I'm at. Not overly optimistic, but it would be criminal to give up on it altogether.
If we don't, then Mainoo should play further up, be it alongside Bruno or with him as false 9, with Rashford and Garnacho either side.
In that scenario our most credible candidate for the two double pivot slots is Amrabat. God, I miss Djemba-Djemba, two birds one stone.
It would more likely have to be a three man midfield with a single pivot, in which case I'd have Ugarte over Amrabat. I don't not rate him, but I wouldn't go into the season with that as Plan A.
I can see Ugarte and Licha working pretty well together and would be more focused on getting the right CB partner than another midfielder for a double pivot.