i wouldn't tank - that breeds loser mentality. but i would make the best possible team in the absence of Ramsey, Ozil, Giroud, Koscielny, Bellerin.
something like:
---------------- Ospina ---------------
Debuchy - Mertesacker - Gabriel - Gibbs
--------- Flamini --- Chambers --------
Campbell ------ Jeff --------- Oxlade
--------------- Walcott ---------------
When I look at that line-up, I'm super comfortable with the back 7, including the goalkeeper. Wenger has done enough here. The front leaves a lot to be desired. There is not a single player there who will make his own goal, and without Ozil (and Cazorla/Wilshere injured), there are no playmakers. So it is a massive concern.
But we then have Liverpool, Stoke, Chelsea in the league. We cannot even think about mass rotation in these games. We need to rotate at the margins - Gabriel here, Campbell there. So we have no choice but to play Jeff and the scrub forwards.