One would hope that with or without Rooney, we were planning on buying some quality in CM this summer.
If we follow that assumption, the "Rooney money" (which would primarily be knocking him off the wage bill) would be used for another attacking player. Unfortunately I am inclined to agree that Bale is out of our price range for this summer, although it would depend on who we buy and how much we spend in CM - for example I could see us signing Fellaini and Bale, but not Fabregas and Bale.
I think our best option would be to go for a cheaper CM option such as Fellaini, and then go all-out to bring in Bale. That would mean we line up as;
----------Carrick ------ Fellaini ---------
Nani -----------Kagawa-------------Bale
-----------------RVP-------------------
This would leave us quite heavily stocked on wingers though, so if this were to happen then I would expect Valencia/Young (one of, if not both) to leave, in order to balance the books.
Either way that is a hell of a strong line up, with the likes of Cleverley, Zaha, Welbeck and Hernandez all there as excellent backup choices. For me, that front four would be one of the best in the world, it would have balance and quality across all aspects, and a lot of interchanging and fluidity. For me it makes more sense to try to do that, than it does to spunk the entire wedge on bringing in a better midfielder (eg a Fabregas or Wilshere, as examples) and then be short on quality on the wings/up front.